MasLife embarks on crowdfunding ahead of full launch of app
MasLife, an AI-assisted app that is intended to help improve health, relaxation and finances, has embarked on crowdfunding via the Seedrs platform.
The app was launched on a beta basis in May 2020 and the company claims 6,500 users, with a waiting list of 28,000+. A full UK launch is planned for before the end of the year, followed by EU expansion (Germany, France and Italy) in Q2 2022.
MasLife has a market valuation of £21.8 million and is offering 4.4 per cent equity via the crowdfunding, at £1.80 per share. It set a target of £1,000,001 and has just passed this, with 125 investors and ten days left of the offer.
The app is intended to provide tools to help users achieve a healthy lifestyle balance that combines financial and health goals. It states: “Our app encourages a deeper understanding of how your financial decisions are positively or negatively impacted by your mental and physical health.”
Financial tools will span payments and budgeting, currency exchange and transfers. A crypto wallet for buying, selling and holding crypto is scheduled for launch in Q1 2022.
Non-financial tools include a step tracker, calorie counter, guided meditation and yoga programmes, with rewards for in-app achievements, cashback and retail discounts.
Intended revenue streams are from subscription fees. A Plus account at £4.99 per month will provide all financial and wellbeing services and a sustainable non-PVC debit card, with higher account limits, rewards and lower fees than a free Virtual account.
There will also be a Premium account at £9.99 per month with a metal debit card, higher account limits, enhanced rewards and lower fees.
Revenue will also come from transaction fees, including margins on currency exchange, bank transfers, international ATM withdrawals and card interchange fees.
MasLife is also building out its merchant marketplace with retailers who will offer discounts via the app. MasLife will retain a percentage of the discount.