One of the few universal truths out there is that paying for common services like water, electricity and gas (not to mention internet) is a bit of mess. Sure, things have gotten easier with time: we can now pay from our homes thanks to the internet and whatnot. But tracking your expenses can still be complicated, depending on who you ask. So what can we do about it?
Enter Polaroo. This Spanish startup from Barcelona has one simple functionality that can make anyone’s life much easier: it unifies all of these services in one place. After installing the app, users register each of the services they pay for, and the Polaroo takes care of everything so they only have to deal with one monthly bill, aside from offering other perks like notifications and even saving options.
There’s a key factor on why Polaroo might be different from other similar apps. CEO and co-founder Marc Rovira told the press in a recent interview: “We talk with providers to see what can we offer to the client so they can save on their unified bill with a possible change of the providers they use for electricity and gas.”
In short, the user has the option to change service providers so they can save a little money. More than that, Polaroo’s “added value,” as Rovira says, is that the app can manage that change of contract. The client doesn’t have to do a thing, and they’re never forced to go with Polaroo’s own providers. “They’re only given the option to save money.” Down the road, the app further tracks the user’s services so it can recommend other services they could want. The idea for Rovira is to create a more digital and smart home so the user can forget about any management on their part.
On the business side, Polaroo has several ways to monetize their operations. They gain a commission when a client signs with a new provider throught their app, and they also have a monthly fee of 2 euros per user. However, more interesting might be their aggregated user data, which can be helpful for providers to conduct market research and improve their services.
Last year, the startup won the “Country Award Spain” from the BBVA Open Talent, a fintech competition held in Spain that recognizes entrepreneurship in the sector. This year, Polaroo made it to the finals in EU-Startups Summit’s pitch competition, and they’re among the finalists in South Summit’s Fintech & Insurtech category. According to EU-Startups, they’re currently seeking a €500k angel fundind against a pre-money valuation of €2 million.
Polaroo is a very young company: it was founded in 2017. But as news and buzz around has built up during this last few years (by May 2019, it grew 30% of its operations), it seems more and more like we won’t stop hearing from them any time soon.