There is no denying that financial illiteracy comes at a significant price. In fact, American financial literacy statistics reveal that the estimated losses due to financial illiteracy in 2020 amounted to $1,634 per person - for a total of $415B across the US. And while 71% of adults in the US believe that they have high financial literacy levels, the reality is that, in 2020, the average US adult correctly answered only 52% of the questions on the Personal Finance Index exam.
For Shyam Pradheep and the team at Zogo, this is not just an economics issue. It is also an access and education issue. Shockingly, as of last year, only 23 US states require their high schools to teach financial literacy, and almost 50% of high-schoolers across the country say that they primarily learn about investing from social media. Furthermore, these subjects can be quite dense and complex, and often programs and courses include a great deal of financial jargon that goes over the head of the average learner. There must be a better way.
What is Zogo?
Zogo was first conceptualized by Pradheep and his friends in 2019, during the prime of their college years. Although they had zero funding, the group was extremely motivated by their frustrations over the state of financial literacy in the United States, and they were determined to do something about it.
The initial product development was highly centralized around creating a product for their own age demographic. For this reason, they designed the flagship product with a mobile-first approach - an app that teaches people financial literacy. It was quickly apparent that not only was their idea a huge hit, but it was striking a chord with a much wider audience range than they had anticipated. Users of all ages were turning to Zogo to improve their financial knowledge.
As the company grew, Pradheep took the lead on many aspects of the business development, particularly in regards to building out the various teams and creating cohesive operations across the business. Part of his brilliant strategy was to partner with credit unions for sponsorship, and they have since acquired over 250 partnerships with a range of financial institutions - the likes of Fidelity, Nasdaq, and US Bank. These institutions sponsor access to the educational tools for their customers and communities, as well as the rewards that users receive in exchange for their efforts and dedication.
The company operates with three guiding principles: accessibility, comprehensibility, and gamification. As a mobile-first product, Zogo is available on the go - anywhere, any time. The learning modules are bite-sized and easy to digest, with any jargon clearly explained to avoid confusion and overwhelm. With points, streaks, notifications, and even gift card rewards, Zogo has made financial education into a fun and rewarding gaming experience. It's easy to see why the company has been so successful.
Today, the Zogo app has over 1.5 million users. To meet their diverse client's needs, Pradheep has led the expansion of the company's verticals to include a web platform, a mobile banking integration, and a fintech integration. He is on a mission to make people all around the world smarter with money, and more comfortable with finances as a whole. With that in mind, he was thrilled to strike a deal with Peak6 who acquired the company in 2021, allowing the founders to scale the products more rapidly and effectively with amplified support.
Who is Shyam Pradheep?
Though Shyam Pradheep was born in India, he had a very international childhood. Living in places like Dubai, Oman and the US helped to give him a broad perspective on life, and a deep appreciation for the diversity of the world. Every time he rooted into a new country, he would notice how people interacted with products and technology differently than where he had been before. Without being stuck in insular thinking, Pradheep was able to develop the skills and desire to build products that serve a large number of diverse people.
He shares: "As someone who helped build the business out of college and now runs the business, my goal is to get financial literacy into the hands of millions of Americans and focus on the importance of accessible and comprehensible financial literacy."
Pradheep developed independence at an early age, having gone to boarding school at 16 years old. Thankfully, the school that he attended strongly valued autonomy, and encouraged him to forge his own path and learn from his mistakes along the way. This gave him the space and freedom to develop his entrepreneurial skills, and the confidence to trust his own judgment.
Fast forward to his college years at Duke University, Pradheep was involved in a lot of extracurriculars. He loved getting his hands dirty, building and leading various organizations, and managing the budget and targets within the clubs. He recalls, "It was a mini crash course in company building. Once I had a taste of that, I knew that I wanted to be working in start-ups where things are less regimented, where I get to move fast and accomplish goals."
Well, it is clear that Pradheep has found alignment and purpose with Zogo - making financial literacy as accessible and comfortable as possible. In his position as GM, he is involved in every aspect of the business development. This requires him to not only be an expert in the product and the technology, but also to truly understand the needs and values of the platform's users. He is passionate about making the platform reach those who need it most, and recently drove the launch of a Spanish version of the app in the US. He is also working on additional features, such as a search option and bookmarking, as he knows it can add to the quality of education on the platform. He has already led the company's growth to over $4M ARR in just 4 years. We are confident that this is only the beginning.
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