How True Scaled Operations with Pave

True simplifies money management, making financial wellness attainable for all. By providing interest-free cash advances and essential tools to bridge financial gaps and build credit, True helps users manage their spending and achieve their financial goals with ease.

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Goal

Scale True’s financial wellness operations while improving repayment performance and maintaining sustainable growth.

Problem

Rapid growth exposed gaps in True’s underwriting, leading to inaccurate approvals, higher defaults, and limited insight into users’ true repayment capacity.

Solution

By integrating Pave.dev’s Cash Advance Score, True optimized its approval process with real-time cashflow data, boosting repayment rates and cutting write-offs dramatically.

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Introduction

True simplifies money management, making financial wellness attainable for all. By providing interest-free cash advances and essential tools to bridge financial gaps and build credit, True helps users manage their spending and achieve their financial goals with ease.

As more people discovered and loved True’s credit monitoring services, demand for their other products – including cash advances – surged. This rapid growth presented challenges in scaling operations and improving repayment rates to meet the needs of True’s expanding user base. By partnering with Pave.dev, True aimed to enhance their collections and ensure sustainable growth while maintaining high repayment rates.

Challenges

True was grappling with several issues:

  • Over-denying good applicants due to a lack of insight into financial health
  • Limited insight into income sources, resulting in giving advances to users who didn’t have enough income to repay    
  • High default rate due to insufficient underwriting criteria

Prior to Pave.dev, True relied on a simple rules-based model, which lacked the extensive dataset and insight needed to predict repayment behavior accurately.

Solution

True leveraged Pave.dev’s Cash Advance Score to address their challenges. The Cash Advance Score is a cashflow-driven score that predicts the likelihood and ability of a borrower to repay a cash advance. This score is trained on an expansive dataset across cash advance providers, including cashflow attributes, repayment data, and defaults. True increased repayment rates by approving users with excellent Cash Advance Scores and reducing amounts or denying users with poor scores.

With Pave.dev, True achieved significant improvements over a 4-month timeframe from Jan 2024 – May 2024:

  • Grew Number of Advances by 3.9X
  • Increased Repayment Rates:
    • 7-day repayment rate: 8.55X
    • 30-day repayment rate 1.32X
  • Reduced Write-offs by 14X
We feel like we're no longer just throwing something at the wall and hoping it sticks. with Pave.dev, we have the intelligence and data to back our decisions, and that's invaluable for our growth.

Tim Yelchaninov, Founer & CEO, True

Pave.dev insights into users' behavior and repayment likelihood have been game-changing for us. Our 30-day repayment rate has signigicantly improved, and we're now able to make data-driven decisions with confidence.

Tim Yelchaninov, Founer & CEO, True

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Future Outlook

True is seeing an overwhelming increase in demand for its products and is committed to meeting this demand with robust underwriting and personalized offerings. True aims to leverage Pave.dev’s Cashflow Segments to identify key user groups for retargeting. Pave’s Segments will enhance True’s ability to connect people with the right loan and insurance products based on their needs and affordability. Additionally, they are considering Pave.dev’s Cashflow Analytics for Snowflake as a potential solution for further streamlining their analytical workflows.

True's Mission

True’s primary goal is to help customers borrow, earn, and save money. They achieve this by offering a suite of services:

  • Free Credit Score View: Customers receive a free view of their credit score provided by VantageScore 3.0 using Equifax data, along with Credit File Change Alerts.
  • Credit File Change Alerts: True alerts customers of changes to their credit file, ensuring they stay informed about new loans or financial products.
  • Cash Advances: Premium Subscribers can access cash advances up to $100 at 0% APR and no late fees, helping them prevent overdraft fees, pay credit card bills on time, or cover emergency expenses.
  • Earn Cash: True is in the process of launching an Earn tab offering customers over 600 ways to make money right from the app. This includes playing games, completing tasks, surveys, and more.

Personalized Financial Offers: True provides tailored financial offers, including personal loans, auto insurance, and credit cards, based on customers’ needs and interests.

Conclusion

The collaboration between True and Pave.dev has been instrumental in transforming True’s repayment rates and operational efficiency. By combining True’s strategic improvements with Pave.dev’s powerful tools, True has set a clear path for scalable growth and sustained success.

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