December’s featured startup - Cinch
Cinch is a payment platform that creates ties within communities and encourages the growth of local business. The company makes payment simpler by connecting users’ credit cards to its mobile app and provides discounts and other offers at local places. We caught up with Co-Founder Maya Komerov to learn more about Cinch.
December 19, 2018
DBP: Tell us about Cinch. What propelled and inspired you to start the business?
MK: We wanted to find a way to create a “neighborhood network”, and came up with an idea for connecting local neighborhood businesses to locals in their neighborhood. We saw that most networks connected only between people, and we wanted to find a way to create the best neighborhood experience through a network that connects local neighborhood businesses to local neighborhood residents.
DBP: How does Cinch benefit the community and encourage growth of local businesses?
MK: Cinch benefits the community by leveraging the data that we learn from each payment transaction and being able to create value for both sides of the transaction. We are able to optimize and create value all the time for all sides, and by doing so we are encouraging people to shop more in their local neighborhood businesses.
DBP: What are some of the services that you offer and how do they ‘disrupt’ the current payment industry?
MK: We disrupt the current payment industry because we built a “closed-loop” system that leverages each transaction into a “network” effect. This is the true value of Cinch. The current payment platforms are mostly transactional companies, we’re all about taking the data and leveraging it into a continuous commerce.
DPP: How does your payment platform connect members of the community?
MK: We let locals share with their friends what’s going on with local businesses in their neighborhood: The “tell a friend option” allows users to share great opportunities at local businesses in the neighborhood which they have received directly from businesses via the app - this is part of our referral mechanism that lets friends invite friends and become part of the closed network we create in the neighborhood.We also let people follow their favorite businesses, enabling consumers to be in direct relationships with their chosen businesses. They can be the first to be updated on any news or price changes, creating the most value for them from businesses they like.
DBP: Tell us more about your work with the community (Cinch Causes).
MK: Cinch gives back to local causes - each consumer can connect their account to their chosen neighborhood cause and we give half a percent from each transaction back to a local cause in the community. We wanted to find a way that as many people as possible in the neighborhood can get value and benefit from this network,
and Cinch Causes is just that.
DBP: Why is Brooklyn a great place to do business?
MK: Brooklyn has incredibly vibrant and dynamic communities. There’s always an upbeat energy and a love for new and exciting opportunities here. People in Brooklyn really care about their neighborhood and look for innovative and unique ways to get involved in whats going on. This is also the true essence of Cinch, and is why we found Brooklyn to be a perfect fit.
DBP: As we are approaching the holiday season, are there any special promotions or deals that you will offer to encourage local business?
MK: We are offering 20% off during the holiday season for people who want to shop in local businesses, this way we promote shopping locally and supporting local businesses and we do this through investment and extensive marketing in each neighborhood. We are also having a “Santa gift campaign” - where locals get gift card at their local shops to encourage them to shop locally.
DBP: Sounds great! How do I learn more?
MK: Visit www.cinchwallet.com and download the app to see all that is happening in your neighborhood! You can also check us out on IG @cinchwallet.