It’s 2020 and we are currently living through unprecedented times. People and economies around the world are struggling and money is drastically losing value. However, there is one solution that has proven over and over again to be the safest form of investment: gold. And it’s this precious metal that is the main product of Aussie startup SendGold. For this episode of our ‘Leaders of Tomorrow’ webseries, SendGold’s co-founder & CEO Jodi Stanton told us how they got started working on the app and what they are working on for the near future.
In her own words, SendGold is a micro-investment app based on gold, arguably history’s most reliable safe-haven asset. Founded by Jodi and other senior executives from Microsoft, McKinsey & Co., J.P. Morgan and Price Waterhouse Coopers, they mapped three mega trends holding an opportunity: financial wellness, money no longer as an investment option due to inflation, low interest rates, etc. and a community-based economy model, eliminating fees and third-party providers.
Taking a look at the mega-trends, they realised that gold would be a great option to tackle all three because it outperforms stock in the long-term, it performs really well in a scenario of low interest rates and buying physical gold, instead of paper gold, eliminates hidden fees and counter-party risk, after all when you own paper gold it’s pretty much like owning shares.
SendGold offers a few options for people interested in getting started. They provide utility for gold, such as sending it as a payment or as a gift. You can open a bank account, using gold to pay someone even if this person is offshore. There are no minimum fees or minimum value to get started.
Over time, Jodi realised that people who get involved using gold as an investment tend to buy more and more gold. Because the stock market is at an all-time record high, earnings are decreasing. With this new world ahead of us, gold is always there, with currencies moving around it and not the other way around.
Looking at the future, people are already using stock market as an alternative to bank accounts. With that in mind, SendGold will position itself as an alternative to bank accounts as well. They will be launching soon a zero balance debit card, when people will be able to spend their gold. It’s a simple process, by literally checking the balance of your gold in that exact moment and if you’ll have enough balance to do a purchase.
They are also looking for expansion in other markets outside of Australia by developing a geo-location app, which will enable people to walk around, look for gold, tap on it and credit it straight away into their SendGold account. It means they can put gold all around the world, creating buzz, engaging people and showing that just a simple game, it’s as simple to start using SendGold.
We’d like to thank Jodi for taking her time to talk with us and we’re very much looking forward to seeing where they’re gonna go next!
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