Schoolable provides the financial infrastructure needed to run a successful school. Their platform streamlines financial management, offering reconciliation, invoicing, payroll, vendor & expense management, and multiple payment channels. Recently launched ‘pocket money card’
When Schoolable first joined our Scaling program, they had already launched a great product in two markets - Nigeria and Ghana. Their next challenge was finding a clear pathway to achieving their vision; to scale into an African unicorn within 5 years.
Our team of growth engineers, partnership experts, data scientists, software engineers and product hackers, deployed to deliver hands-on support to help Schoolable reach their goal..
User growth in 2 months
CAC Decreased over
Conversion rate increased from
We started by supporting Schoolable in determining their customers’ needs, working with our market research partner - Mantaray. Armed with a better understanding of their customer requirements, our CTO, COO and Growth Consultant ran product and growth workshops in the Schoolable office in Nigeria, helping the team define the product features that were most likely to meet these needs.
With support from the Founders Factory Africa engineering specialists, the team then began to build the new app. Simultaneously, we modeled a launch campaign and ran ongoing growth routines for the new app. The app was launched in September 2019, and they acquired over 5000 registered users on their platform within the first 2 months!
In the first week, Schoolable noticed a number of customers had registered, but had not created any savings plans. They called a few of those customers to find out why, and discovered that many were interested in the loan offering rather than the saving plan. So, with support from our Growth Consultant, they defined different cohorts of customers based on their behaviour after signup, and formed different activation strategies to convert each group from registration to active use.
Additionally, we began including the loan option within the app. When a user clicks on this option, they’re given more information about the process, letting them know they need to save through Schoolable first in order to activate the loan option. With that tactic alone, the conversion rate increased from less than 10% to over 40%.
With ongoing growth weekly sessions, Schoolable were also able to optimise their acquisition campaigns and decreased their Customer Acquisition Cost (CAC) by 91% within the first month.
We want the founders and teams that join our program to be authorities in their subject matter and industry. We’ll provide the technical expertise, additional resources, corporate infrastructure, and the sense of humour everyone needs when working late happens over a long weekend..
