We’ve got big news for the Givling FFG
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We’re about to go over $10 million dollars in funding. That’s an amazing feat of which we should all be proud. The FFG has done something that hasn’t been done before: create a community that pays off each other’s loans.
Today, we’re happy to announce that we are releasing a new version of the app that we believe will transform Givling so that it financially enriches all its users.
Here’s a little background about how we came to make this change…
Around this time a year ago, we mistakenly offered an outlandish Queue Point incentive for funding. That day we brought in $125,000 in funding. This amount was what the original business model predicted we would bring in each day. But instead of being thrilled, we were paralyzed, not knowing what we should do going forward. Should we keep offering that giant offer? If we did, would that make Givling finally break through to the big time with massive momentum? Or would it simply lead to a log jam in the Queue by slowing momentum after a few months of people getting tired and annoyed with the giant QP incentives?
We were so shocked by the result that we didn’t offer any compelling incentives for three months. Predictably, funding momentum slowed down.
Last fall, we again offered variable QP incentives that were kept within a narrow range, and that worked great for about four months, until users figured out how predictable the incentives were and then we again lost momentum.
We believe that this app release, with its simple change, solves all the issues that have bedeviled Givling’s growth.
We realized that all our attention has only been on funding the loans in the Queue. But as we puzzled over the past twelve months about how to deal with point inflation, we came to the realization that this was the wrong objective on which to focus.
Our Eureka! Moment came when we realized that we needed to transform Givling so that it enriches ALL its users.
Here’s how we’ll do that:
- Givling Cash Wallet, evolving to a Savings/Investment account
- Profit Sharing
We are crowdfunding student loans and mortgages.
Today’s change incentivizes people to put aside money for their own needs.
Our next objective is to add a profit-sharing component so that sponsors can reward users with cash sent directly to the user’s Givling Cash Wallet.
Reward Yourself While Helping Others
We’ve made a few simple changes so that the Givling app will improve the lives of all its users.
- Instant gratification as your own nest egg grows. You’ll receive 75% that goes into your Givling Cash Wallet every time you crowdfund through the Fund Coins button. The remaining 25% will go towards funding the Queue. Givling will no longer take 10% from trivia funding. The trivia awards will be awarded from advertising and sponsor funds.
- Residents of all states will be able to crowdfund.
- There are no weekly caps on crowdfunding through Fund Coins or Direct Funding the Queue.
- Recipients of the FREE $5,000 and $50,000 awards will no longer receive a 1099-MISC form because everything that goes through the Queue will be crowdfunded.
- Direct Funding will remain the same: 90% to the Queue and 10% to Givling.
- We’re working on making cash rewards from sponsors a feature in a future release this fall.
How to Crowdfund Through Fund Coins and Receive 75% in your Givling Cash Wallet:
- Tap the “Fund Coins” button.
- Review the prompt screen and tap “OK”.
- Type in the number of coins you would like for your order.
- Tap “Tap to Crowdfund Now” to complete your transaction.
How to View your Givling Cash Wallet Account:
- Tap the pink piggy bank icon on the home screen.
- The Givling Cash Wallet ledger screen will appear with your transaction history.
- In an autumn update, you’ll be able to transfer and cash out your earned cash back.**
This change will allow residents of all states to fund and play trivia because the user is only crowdfunding and contributing to their own cash wallet – they are not contributing to a trivia pot and Givling is not receiving any money.
This change will make Givling a game that benefits every user by incentivizing and encouraging users to fund their own accounts.
This change will make all Queues – Green, Orange and Free – totally crowdfunded, so we won’t be sending out 1099’s for the $5,000 Free Queues anymore.
In a future release, users crowdfunding through the Fund Coins button will be required to open a savings/investment account with the bank/investing firm that we have contracted with in order to receive the 75% that they contribute for their own savings.
We have reached a verbal agreement with a banking partner, to handle user savings/investment accounts. As of this date, we are waiting for a signed contract. However, we are going ahead with this change without the signed contract because we believe that the sooner we put this new protocol in place, the faster the Queue will pick up momentum. It will take a couple of months to code the integration between our two firms.
** Until we release a new version with the integration between Givling and the investment firm, you can follow the growth of your Givling Cash Wallet on the new ledger page that is in this app release. Redemptions from Wallet are available every 90-days, with the first one being November 20, 2022. Once we have the bank integration, you can follow your account growth through the bank’s app.
We are removing the funding limits for the Green Queue. They were put in place to keep users from getting carried away with funding, but with the new UX, it will be impossible for users to put in more money than they receive from Givling when they fund via the Fund Coins button.
Thank you FFG!