Newsletter #2 - Banking as smart as phones
Dear Tomorrow Community
it’s been a few weeks since we last got in touch. A lot has happened since then, and there is a lot to tell.
Together with you, we would like to develop the “bank of tomorrow”. But what does it take to achieve this? We believe: The right technological platform, a good team, a consistent attitude, sufficient attention - and an open dialogue with all parties involved. No sooner said than done.
Banking as smart as phones.
After intensive negotiations, we have agreed on our long-term cooperation with the Berlin-based technology company solarisBank. In the background, solarisBank will be an important partner for Tomorrow. It provides us with the so-called core banking system and ensures all regulatory framework conditions so that we can take care of what is most important - you, and the positive impact that we want to achieve together. More about the cooperation here.
People of Tomorrow.
For the thick digital board we are drilling, we now have further reinforcements: we have Sasha, an experienced developer, on board. He originally learned his trade in the Ukraine and most recently at Car2Go. And Leon started his internship with us a few days ago - he impressed us with his unique mix of hobbies (“Permaculture, Blockchain, Shaolin”). That means we now have four nationalities represented by our seven team members. In this respect, Tomorrow is already a colourful mixture. But our gender diversity is lagging behind: women, do apply - we look forward to it.
Not just another FinTech.
For those of you who don’t deal with the banking world day in and day out, let’s start with this: count yourself lucky. There has been a lot going on for some time. Digitisation is forcing its way into the financial sector, creating a great sense of new beginnings or doom, depending on who you ask. The so-called “Fintechs” are often the focus of attention. This stands for companies that offer digital financial innovations. Well, these Fintechs are on everyone’s lips, not least because some of them have just completed financing rounds worth millions - which always seems to be worth a report. “Tomorrow does the same thing, just in green, doesn’t it?” That’s what we are often asked. We’ve had a go at an answer - you’ll find it here.
It’s what’s inside that counts.
They’re on their way, your Mastercards of tomorrow. A few weeks ago, we commissioned the printing of the future Tomorrow cards. Now they are rolling off the production line piece by piece so that things can start on time, with the launch of our account in the summer. We couldn’t be happier. However, there is also some bad news: the test run with cards made of renewable material has failed for the time being. The raw material simply didn’t deliver what it promised. We’re staying the course, undeterred, and are working hard to find new, alternative producers. Until then, “conventional” cards (well, only as far as the material is concerned) will be used for the time being. “If you’re a startup, is my money safe with you?”
Because we get to hear these and other questions every day, we have created a FAQ (frequently asked questions) page. You can find it here. Not all of them are easy to answer, but the one just mentioned is: Yes, Your money is safe. We’re not putting it under the pillow. The credit balance of each Tomorrow customer is secured by the European Deposit Protection Fund up to €100,000 per account. This corresponds to the standard for all European credit institutions. No matter whether they’re old or young, small or large. Whilst we’re talking about security - of course this also concerns perhaps the most important currency of our time: data. With Thomas, we have therefore brought one of the country’s IT security experts on board as a freelancer - who recently even made it into the pages of the Zeit newspaper
Next Organic Award - we are there.
Tomorrow was nominated for the Next Organic Startup Award 2018, one of the most important competitions for sustainable start-ups in Germany. Applications are reviewed by a jury of experts from business and politics. Additionally, there will be an audience award via online voting - and that’s where you come in. Here you can give us your vote.
Tomorrow, seen from the outside.
Word is getting around about the project Tomorrow. In the last four weeks we’ve been flooded with inquiries. It seems that we have hit a nerve - with our ambition to finally get sustainable finances out of the margins. A small excerpt from the coverage can be found here: Handelsblatt, T3N, Gründerszene - and a long interview in the great blog Viertel/Vor (Photos: Marcus Werner).
Well, lastly: When does it all start up?
Right, now: “butter with the fish”, as they say in the North of Germany - let’s get down to brass tacks. Summer is approaching and with it the announced launch of our account: At the end of June we will get the first users* on board and equip them with a Tomorrow account. Since we don’t want to rush things and carefully map all processes, we will only “onboard” a few hundred people from the waiting list for the time being. We start with a version for iOS, followed a few weeks later by Android. To start, the app will include the basic functions: Open your account in minutes via smartphone, Mastercard free of charge, worldwide withdrawals, bank transfers, push messages with every transaction. All other features (including the premium account) will follow on. We’ll keep you informed.
Now - back to the grindstone.
Sunny greetings from St. Pauli
Your team from Tomorrow