Entrepreneur’s Q&A: Andries Smit, Upside Down
Founder: Andries Smit
Society: Upside down
Upside down The technology allows retailers to deliver personalized refund offers to consumers where they already are: in their banking apps, savings apps, and even fan club apps. Comprehensive spend data from its users enables retailers to deliver relevant offers at scale, including their full share of the portfolio with other competing brands.
We chat with Upside Founder and CEO Andries Smit about business challenges, cash flow ebbs and flows, and how running a business is a skill you learn over time.
Describe your business model and what makes your business unique:
We are an integrated market. Specifically, Upside is an API (application programming interface) that fintechs, insurtechs, and telecom companies use in their existing systems, so that they can then offer their users click-free cashback.
Once a user is logged into Upside, we make sure that they never run out of cashback again. It doesn’t matter which bank or credit card they use.
What is your biggest business success to date?
We have received organic demand for our APIs from over 60 major leads, and it’s growing by double digits month after month. It is an excellent validation of our market.
How did you finance your business?
We started early and then raised funds from various angel investors. Our investors have been brilliant in helping and referring other investors. It is important to have the right people in and around the business.
What numbers do you look at in your business every day?
- Sales: new leads, pipeline dynamics and progress
- Marketing: visits, interactions and registrations
- Transactions: users and cashbacks
How international is your business?
We currently only operate in the UK, but have already established expansion plans in Europe in early 2022 and in the US by mid-2022.
Where would you like your business to be in five years?
Global domination. In the hands of over 100 million users.
What software or technology has made the biggest difference to your business?
Amazon Web Services (AWS), Google Suite, and Slack.