CEO Stories: Empowering Customers to Take Control of Their Digital Wallets

Eureka Moment

Quick, how many services are you billed for online each month, how much do they cost, how does that compare to the average user, and how can you lower fees? Many people don’t know. When David Callis realized he didn’t know, he had an epiphany. There should be an app for that. Callis, who had been working in Washington, D.C., in global risk insurance, teamed up with enterprise software designer Todd Gower to make that idea a viable product. Gower focused on the technology while Callis focused on the business model.

Capital Infusion

A steady schedule of late nights and weekends helped create the Hiatus app for iOS devices in early 2016. Then came the hard part — making it a full-time company. Callis and Gower worked in a small D.C. studio apartment, seeking feedback from friends and family on how to improve the service. They contacted news outlets and bloggers, and released a survey revealing that 62% of consumers waste money on automatic-renewal subscriptions. Within a year of going live, Hiatus raised $1 million in seed funding.

Growth Potential

Securing capital has allowed Callis and Gower to expand into an eight-person team and pursue technology that’s more accurate in helping consumers save money on everything from student loans to insurance. The long-term goal is to grow into a competitor to financial institutions such as Wells Fargo. Getting there requires new revenue streams and understanding how their corner of fintech fits into the venture capital landscape. That, and nudging consumers toward better financial decisions.