Navigating Financial Stability: A Mother’s Journey with the Let’s Get Set App
In today’s fast-paced world, financial stability can feel like a distant dream for many, especially for low- and moderate-wage households. Enter Let’s Get Set, a fintech company founded by Clare Herceg, which is dedicated to addressing the unique financial challenges faced by these families. With a focus on providing resources, products, and support, Let’s Get Set is paving the way for a more secure financial future for its users.
Understanding the Financial Landscape
The inception of Let’s Get Set in 2020 was driven by Clare Herceg’s passion for economic mobility. After completing her MBA at MIT, she recognized that traditional financial institutions often overlook the needs of low- and moderate-wage households. These families frequently encounter financial shocks—unexpected expenses that can derail their budgets and savings plans. According to national data, a staggering 60% of U.S. households experience at least one financial shock each year, with many struggling to cover even a $400 emergency expense.
Herceg’s journey began with a simple yet profound realization: many families were missing out on billions in tax credits. Initially, Let’s Get Set focused on connecting users with free tax preparers, but it quickly became clear that this approach was not enough. The need for a more comprehensive solution was evident.
The Innovative Savings Account
Recognizing the gap in financial services, Let’s Get Set pivoted to develop an innovative savings account designed specifically for emergency expenses. This account allows users to borrow against their savings at a reasonable interest rate, with repayment terms that are more flexible than traditional options. With a 12% APR and terms ranging from two to 12 months, this product offers a safety net for emergencies without trapping users in a cycle of debt. Additionally, the account incentivizes saving by providing a 5% annual percentage yield (APY).
This unique approach addresses the financial vulnerability that many families face. As Clare Herceg noted, “We prioritize solving users’ financial problems rather than locking them into a specific solution.” This user-centric philosophy is at the heart of Let’s Get Set’s mission.
Building Trust in Underserved Communities
One of the significant challenges Let’s Get Set faced was building trust within low- and moderate-income communities, which often harbor skepticism towards financial institutions. Many families rely on alternative financial services, such as payday loans and check-cashing businesses, which typically come with higher fees and interest rates. This reliance stems from a lack of trust and the fear of rejection from mainstream financial products.
To combat this distrust, Let’s Get Set has formed partnerships with healthcare organizations. By leveraging the trust that families place in healthcare professionals, the company can effectively reach potential users. For instance, collaborations with the National Service Office for Nurse-Family Partnership (NFP) have helped families navigate the tax process, resulting in an estimated $13.1 million in tax refunds and credits for those who might otherwise have missed out.
A Focus on Mothers
The target demographic for Let’s Get Set includes households earning less than $100,000 annually, with a particular emphasis on mothers, especially mothers of color. This focus is not merely a marketing strategy; it reflects a genuine commitment to understanding and addressing the specific needs of these families. Early pilots of the app have shown promising results, with 30% of visitors to the landing page signing up for the waitlist, indicating a strong interest in the product.
Cynthia Garzon, a first-time mother and user of Let’s Get Set, shared her experience: “Let’s Get Set helped me gain control financially, understanding what I was supposed to receive and kept me accountable with the savings tool.” This feedback highlights the app’s potential to empower users and foster a sense of financial agency.
The Importance of User Research
Clare Herceg’s commitment to user research is evident in the development of Let’s Get Set’s offerings. Understanding the needs and behaviors of low- to moderate-wage earners is crucial for creating effective financial products. Herceg acknowledges that her own background does not include lived experience as a low- to moderate-wage earner, which drives her to prioritize user feedback and insights in the product development process.
By continuously engaging with users and adapting to their needs, Let’s Get Set aims to create solutions that genuinely resonate with its target audience. This iterative approach not only enhances the product but also builds trust and loyalty among users.
Overcoming Challenges as a Solo Founder
Being a solo founder presents its own set of challenges, and Clare Herceg has navigated these hurdles with resilience. She has built a strong advisory network and is grateful for the connections she has made through her educational background. These relationships have been instrumental in helping her secure capital and expertise to grow Let’s Get Set.
Herceg’s journey is a testament to the power of innovation and empathy in the fintech space. By focusing on the unique needs of low- and moderate-wage households, Let’s Get Set is not just another financial app; it is a lifeline for families striving for stability and security in an uncertain economic landscape.
As Let’s Get Set continues to evolve and expand its offerings, it remains committed to its mission of empowering families and fostering financial resilience. The journey is ongoing, but the impact is already being felt by those who need it most.