BASICALLY dumbing down finance so you can sound smarter
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Image Credit: PR, Screenshot/ BASICALLY

This app sums up the day’s finance headlines in quick layman’s reads, prepping you for your daily rounds of water cooler, dinner table and cocktail party talk. Just don’t stick around long enough to get into the weeds

There they are again, the boys club, standing in their little better-than-you-are clique, speaking in what might as well be another language about some big finance news that apparently anyone who matters has an opinion on, and all you could think of is, Those guys seem so smart, followed by, Oh, how I hate them.

But, come on now, let’s not be like that. There’s no reason why you can’t hold your own with any one of those people. So what if the last time you tried to get in on one of their conversations you thought selling off futures was the the Wachowski brothers’ working title for Jupiter Ascending’s sequel. Really, who remembers?

Besides, that was last week. This week the BASICALLY app launched.

No speaka da finance

BASICALLY is a new app that collates and curates the top financial headlines of the day and sums it all up in layman’s terms chunks of 200 words or less. This is financial news written by editors who understand finance but haven’t forgotten how the average non-Wall Street homosapien speaks.

Founded by CEO Sivan Feingold and CTO Ronit Schloss, BASICALLY is basically at the beginning of its journey. The company is self funded and just launched this past week. However, initial signs are looking good, nascent as they may be.

The company first rolled out in Israel and managed to garner several hundred downloads. Nothing stellar, but then again, Israel is far from being the financial capital of the world, just yet. The US rollout will be more telling and the team is currently getting that underway.

What is promising is the apps 20%, daily usage rate. For a non gaming app that’s not working off a pre established user base, those numbers are not bad at all. Again though, we’re still only in week one so there’s still plenty of question marks.

But, the team is confident. Feingold explains how unlike their major competitors; Vox and TheSkimm who explain the news, or Yahoo Digest, Circa, News in Shorts and Inside app who condense it – BASICALLY does both.

In her words: “We are two female entrepreneurs, eager to show that everyone can understand financial news. We are not robots – we believe that content is best explained by people, and so we write the content ourselves.”

Financing their finance app

The company plans to monetize through native ads and industry affiliates in the financial tools space. Product wise, BASICALLY is focusing on improving algorithms for fetching popular news items and adding more personalized features for content and user engagement.

It all sounds good, but as any app developer knows, such plans is mere icing on the user growth cake. For the millions of apps out there, by and large the one determining factor dictating sink or swim is the rate of user growth – at least at the start. Break the 100K download mark and entrepreneurs can release the breath they were holding long enough to take another one.

As it turns out, Feingold explains that BASICALLY is expecting to reach just that number in 6 months time. One week in is way too early to tell whether such a prediction has any meat on it, but investing always carries with it some risk. If reputation is the capital I’m working with, I might just buy some futures in that claim.

Get the Android app here. iOS coming in the future.

 

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Avi Schneider

About Avi Schneider


Global editor and writer for Geektime, author of the book 'How To Fight For Your Goals: Social Combat Theory' and the SocialCombatMedia.wordpress blog, founder of Cluboom and former senior writer for Blonde 2.0. Schneider is an orthodox Jew, husband, father, martial artist, writer, speaker - overall Jack of all trades and a master of jack (but working on it).

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