— entrepreneurship, tech — 2 min read
Back in mid-2021, I was approached by a friend of a friend (let's call him A) about an idea. He and his brother wanted to fulfil the credit needs of young learner drivers in the UK/EU.
Driving lessons can cost hundreds of pounds (if you need extra lessons make that a thousand). And banks aren't lending to learner drivers because most of them had no credit and no income. This presented an opportunity for someone to bridge the gap.
Obviously when I heard this, it sounded like a bit more than a weekend project but I was interested to see how it panned out because it was very different from what I typically work on.
This is the first part of the product to sort out and we couldn't handle the lending part of the business so we outsourced that to a Lending Partner that specialised in quick, pre-approved loans. After some back and forth, we were in the clear.
Now all that was left to do is to connect our app to the lending partner's API to submit user details and they would take it over until they are ready to disburse the loan to us.
Having been through the process of building a custom SaaS app from scratch I was curious to see how far one can go with as little code as possible. And the answer is: pretty far.
The app had decent feedback from users and our lending partner. The only suggestion being that typeform seemed to take a bit of time to fill out and a traditional HTML form would make it easier for users. So we listened and made a form on Webflow that submitted to the API directly. This improved conversion significantly and it was one less platform (and subscription) to maintain.
Learner drivers applying for loans through the service needed to sign up with our provided list of driving schools and we earned money through commissions from the driving schools.
We had a quick influx of users thanks to some well-placed Facebook ads and the app continues to grow today.
That's all for now. I regularly update my posts with more information, so if you'd like me to add something, please don't hesitate to reach out via email.
As of 17 Feb 2023, the app has disbursed ￡1.2m in loans and growing organically!