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The ACE-List: Dyme

Get to know ACE startup founders & find out what drives them!

The ACE-List: We are proud and excited to introduce our awesome startup founders. The ACE-List is a regular installment where startup teams from the ACE Incubation Program will introduce themselves and share a little insight into their startup journey!

Meet the founders

Company: Dyme
Industry: Personal Finance (Fintech)

Team:
Msc David Knap: Finance
Msc Wouter Florijn: Development
Msc Joran Iedema: Data science
Msc David Schogt: Design
Matthijs Otterloo: Development

In short

Providing users insight into recurring expenses, and listing all subscriptions in one overview. Dyme lets users pause, cancel, and switch subscriptions, without ever having to leave the app.

Tell us more!

How did you come up with your startup idea?

The number of paid subscriptions per person is increasing rapidly. As a result, consumers experience a lack of overview, and find it increasingly difficult to manage their finances. This is evident in the fact that 53% of people between 18 and 35 forget to cancel at least one unwanted subscription annually (Nibud, 2018). Furthermore, switching between providers on a yearly basis is lucrative for consumers, yet perceived to be a substantial effort. Currently, 16% of Dutch households switch utility providers annually, whereas 51% indicates a willingness to switch.

Dyme utilizes the Payment Services Directive 2 (PSD2), that takes effect in 2018. This directive enables European consumers to grant third-party services access to their banking data. Another important development, is that 61% of all Europeans are willing to share financial data, indicating a shift in the perception of financial privacy (Accenture, 2017). With subscriptions taking an increasing portion of the consumer budget, and over 183 million Europeans willing to share financial data, Dyme addresses a large – and growing – market.

What is your company’s unique proposition?

One of Dyme’s main innovations is automatic subscription detection. For Dyme’s customers, this means that no manual actions are required to start using the application.

Second, Dyme introduces one-click cancellation. To realize this, a relational database is constructed that contains the subscription providers’ cancellation policies. Users provide their personal details and digital signature only once. Thereafter, they can cancel subscriptions with a single click. Dyme automatically sends the necessary letters and email and takes care of the required follow-ups.

Third, Dyme enables one-click switching. Research shows that consumers can save a significant amount by switching their telecom, insurance and utility providers each year. To facilitate this, Dyme enables its users to switch with a single click. After a switching request is received from the user, Dyme takes the required steps to implement the switch.

In summary, Dyme revolutionizes the subscription market by developing innovative probabilistic and self-learning technologies, and through connecting a large number of relevant data sources. Together, this results in an unprecedented ease-of-use in the way people manage subscriptions.

What has been your ACE moment?

Focus! The moment the whole community loved the idea, but urged us to get focused. By implementing their feedback, Dyme found its focused and strong value proposition.

What is the best advice you could give someone who wants to start their own business?

Talk to potential customers, talk to potential partners, talk to potential facilitators and then just do it!

What are your next steps for the coming months/half year?
  • Fully validate our solution
  • Finish and launch the MVP (Android & iOS)
  • Beta test with limited amount of users
  • Receive and implement feedback
  • Launch fully compatible with all Dutch banks and on all devices in Q3

Want to know more about Dyme or try the app for yourself? Visit their website at Dyme.app

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