A letter for our shareholders

Dear Finary friends and shareholders,

It has been a year since 1000 of you joined the Finary journey as shareholders. I wanted to give you a personal update on the progress we made, and what's next in store for Finary.

We passed many milestones since, growing 670% to over 200 000 users. We achieved this through word of mouth, multiplied our revenue by ten and assembled a talented team of 25.

But this is Day 1 for personal finances, and we have barely scratched the surface of what technology can bring to retail investors globally. Open data, AI and the largest wealth transfer to young generations in modern history are creating a perfect wave of opportunities. We are uniquely positioned to help millions of investors track, plan and invest their money. Finary is creating real value for users and, by doing so, hopes to create an enduring business that will become a household name.

Customer-obsessed by nature

From the beginning, our focus has been on offering our users compelling value. Most investors track their net worth on a spreadsheet they painstakingly update. Thus, we set out to offer investors something they couldn’t get enough off: a platform that automatically tracks all their assets & accounts in one place.

In 2021, we hustled to get Finary off the ground. In 2022, we spent a lot of time and energy to build foundations that can scale to millions of users. With over 20.000 integrations and all major assets classes, we went further than any other competitor on this planet. It translated into thousands of 5 star reviews and 200.000 App downloads.

Our healthy customer-obsession pushed us to invent a new way of seeing your money. Building a world-class company is a marathon, not a sprint.

Revenue as a focus

Let's be clear: I do not believe in "free everything". If something is free, you are the product. The startup graveyard is full of great products and no business models. Hence, monetization had been on our mind since 2021. Our subscription, Finary Plus, was the perfect way to align our interests with those of our users. Yet, the subscription was still in its infancy.

With the product foundation laid out, our focus shifted towards growing the number of subscribers and generating a steady flow of recurring revenue.

We are already seeing the results of this work: over the last ten month, our revenue grew an average of 21% / month. This growth puts on track to generate millions of revenue in 2023. Scaling Finary Plus gives us the fuel to speed up further. Every single cent of revenue will be reinvested in our product & growth.

A team of passionate members

Finary had six employees on the day we broke the European crowdfunding speed record by raising 2.1M€ in 20 minutes. Today, we are a team of 25 with diverse backgrounds.

We attracted talents from world-class companies like Trade Republic, Lydia or Zenly. Our attractive brand and ambitious mission resonates with the best and the brightest.

We are still looking for talented team members in engineering, customer experience and other areas of the company. If you also think that personal finances are yet to be disrupted, feel free to apply or forward the offers to your talented friends.

Looking ahead

Our strategy for the years ahead is crystal clear: creating the one-stop-shop for personal finance for retail investors in Europe (and beyond). This one-stop-shop has 3 pillars:

• Track: a powerful way to see all your Assets in one place
• Plan: leveraging our users data, AI and our proprietary models to become the to-go solution to plan your future
• Invest: enable investing via our platform, starting with Crypto and Private Equity.

The first pillar, Track, has been there since day one. It will continue to grow with plenty of highly requested features that will make Finary unique.

The App has been our growth engine for the past 12 months, but desktop remains a cornerstone of our product. We’ll roll out our a brand new version over the coming weeks, a quantum leap compared to the existing one.

Over the coming months, we will massively expand our second pillar, Plan. Finary AI has the potential to democratize access to personalized financial coaching, on par with what Private Banks can offer to their wealthy clients. I've always had this dream, an AI made it a reality.

Finary is the best app to see your money. What if you could also touch it? That’s what the Invest pillar will unlock. In a few months, we’ll launch our unique crypto saving plan.

It will allow anybody to put his crypto investments on autopilot while profiting from competitive fees, a regulated platform and non-custodial wallets.

Our HQ might be in Paris, but we are Europeans at heart. We will launch new markets and increase our addressable market to 350 million Europeans.

Cash is king

The current funding market environment is challenging for startups. Julien and I saw the writing on the wall in late 2021 and initiated our $12.5M Series A well ahead of schedule.

Today, we have what it takes to ride out a prolonged bear market while achieving our revenue goals. While others are slowing down pace, we are continuing our investments in the product and the team. It’s during crisis that tomorrows champions will emerge.

Thank you all for your passion, support and dedication. I’m humbled to be in charge of a company that has long outgrown me.

Let us make 2023 a year to remember!

Mounir
CEO & Co-founder

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