Aims to revolutionise how people spend by helping users ‘monetise their influence’
WYLD, the world’s first social currency payment card has launched in Mumbai. Powered by Visa, the platform will allow everyday social media users (with as little as 1K followers) to leverage their Instagram following to earn massive cashbacks on everyday spends. The platform is currently invite-only,and open to the first 5,000 users on their waitlist of 10,000 potential customers, for their beta-testing phase.
Conceived in 2021, WYLD is a Fintech and Martech mobile app and payment card, riding on the idea that nano and micro social media users are the true disruptors of this market. The app lets anyone with over 1000 followers on Instagram and a ‘WYLD Score’ of over 100, to apply for the WYLD payment card. The WYLD Score is determined through an algorithm which analyses a user’s social media usage – their followers, reach, frequency of posts and stories, and the engagement on these posts by their followers.
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All users have to do is make purchases using the WYLD card, post about their purchase on Instagram, and earn massive cashbacks, ranging from 30 -100% of their transaction value, back into their card wallet, the cashback percentage determined by the persons WYLD Score. Higher the score, higher the cashback!
Speaking on the occasion, Rij Eappen, Co-founder & COO said, “We are thrilled to officially launch our platform, and open it up to our users in Mumbai to begin with. We aim to disrupt the space by essentially digitising ‘word-of-mouth’ marketing. The paradox is that while everyone on social media has influence in varying degrees, the market is currently focussed on the 1% with large following, despite nano-influencers having a higher, more organic engagement rate. Today’s social media users largely consist of young millennials and Gen Z who are extremely savvy, socially active, and are always on the lookout for deals and pocket-friendly methods of upgrading their lifestyle, and WYLD helps them achieve this.”
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The company has already partnered with over 200 brands across several verticals, including restaurants, bars, events / concerts, fashion, beauty, footwear, electronics with brands like Social, Smoke House Deli, Boat, Lenskart, Purplle etc. WYLD is poised to become a new vertical in marketing for these brands, by enhancing brand visibility, enable customer acquisition and increase sales, through user generated content.
In their closed group Alpha testing phase, WYLD processed over 700 transactions worth over Rs. 10 Lakhs, generated over 500 pieces of content from just 100 users, with an 85% retention rate. WYLD starts its Beta phase in April 2023, by taking in users from its waitlist of over 10,000 potential users.
The startup raised $350,000 in pre-seed funding, led by Better Capital. The round also saw participation from renowned entrepreneurs such as Aman Gupta and Sameer Mehta, co-founders of boAt Lifestyle; Aditi Shrivastava, co-founder of Pocket Aces; Malini Agarwal, founder of MissMalini; Nikunj Lotia, popularly known as BeYouNick, and others.
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