Split bills, keep tabs and pay friends back, all from your Backpocket.

Venture Journey
  • Recon
  • Funding
  • MVP Launch

Type
Joint Venture
Founder
Luke Trickett

Status
Pivoting

Backpocket removes the cringe from sharing expenses, so it fits seamlessly into how you live your life. Now in use by thousands of Aussies who love dining out, living in room shares, or going in on gifts for their mates.

Luke Trickett (Blue Stamp Company) came to us in search of a partner to bring this idea of social payments to fruition. We engaged in our signature recon process to take a deep dive into the opportunity space and imagine both an MVP and MVB.

BEHIND THE STRATEGY


From an informal idea to full-fledged fintech

  • We knew there was apprehension behind shared expenses out the gate. No one wants to be stuck with the bill or deal with the awkwardness of asking for money back. We were convinced that in addition to alleviated transactional woes, a conversational approach would help this exchange feel less cringey.
  • Key to that conversational idea was that this app had to be an all-in-one. There are currently apps on the market that let you exchange money and let you organize and keep track of expenses, but not one that does all of the above.
  • Trust starts with security, especially when it comes to finances. We built Backpocket on AWS and worked closely with a cybersecurity firm to conduct threat modeling and full penetration testing before launch.

Backpocket is a joint venture of JM, meaning that not only are we helping develop the product strategy and brand, we are also equity partners and true stakeholders in the organization. As such, our role is not only to bring the product to life, but to set up operational structures for the team, hire key roles (including the recent onboarding of a Head of Product and Head of Marketing), and cultivate a convivial team culture. With those key elements in place, we continue to advise as we scale back, leaving a strong culture of respect, admiration, openness, and honesty that will allow Backpocket to grow.

Highlights


A dollar has never been worth more to us.

  • Our first transaction. It happened midday on a Saturday and it was only $1, but the mix of elation and giddiness at the bright future for Backpocket was all we could think about.
  • For us at JM specifically, we love that Backpocket has a continual role in our lives. We use it when we grab drinks at happy hour, or we’re splitting a lunch with the team. It’s become as natural and seamless as we dreamed it could be.