Go go go...

We carried good momentum into 2021: as I mentioned in my previous update 2020 was a great foundational year for Upside. We have the team, tech, funding and early traction to set us up for 2021. Now it’s all about driving growth: more merchants, more distributors, more users, more data, more insight. Of course there will also be features, frolics and fun - but our sights are clearly set on our OKRs:

  1. Acquire Activated Users.
  2. Sign-up Merchants.
  3. Build Sustainable & Scalable Product, Tech & IP.
  4. Build a team of fearless, people obsessed owners, that deliver sustainable results.

We will report on these consistently each month, with other lead indicators where necessary.

Jan in summary:

Acquire Activated Customers:

  • Connected and active customers up 44% mom.
  • Direct acquisition campaign kicked off on Thurs 28 Jan with some exciting first few days of growth.

Sign-up Merchants / Retailers:

  • Some big retail brands have signed up, and will be in the app soon.
  • 24 merchants signed up in total.
  • 88 in the pipeline of which we expect to convert 30.

Build Sustainable & Scalable Product, Tech & IP:

  • Customer activation rate 34.8% (up from 21% in December). {An activated customer has completed registration, connected an account via open banking and has passed KYC.}
  • Over 9,268 upsides have been paid to date (up 36% m-o-m). Delighting customers.
  • Auto-match rate above 99% for the last two weeks.
  • No major incidents: Production stability and performance remains good.
  • Customer engagement score of 5 out of 5.
  • 1 new account closure this month making the cumulative total 8.


  • Off to a flying start in Jan. We are all both excited and a little nervous about the pace at which we hit Jan both from a growth and delivery perspective. But we are ready!


We are in the App Store! Please spread the word.


We are hiring! Specifically looking for Software Engineers - if you know any rockstars, please refer them to Paul.


Many thanks!

Andries & Team