Dyme, co-founded by an AUC alumnus, receives first investment
Co-founded by AUC alumnus Joran Iedema (Class of 2016), financial-tech mobile application Dyme connects to users' bank accounts to categorise and offer an overview of their recurring expenses. The application recently became the first investment of the Amsterdam Student Investment Fund (ASIF), a venture capital fund that invests exclusively in start-ups founded by students or recent graduates in Amsterdam.
Managing subscriptions with Dyme
The concept was simple: give users an overview of their monthly expenses and identify where they could save money. Starting with this as their mission, Dyme was co-founded by a group of graduates that included AUC alumnus Joran Iedema. They worked to provide a service that would embrace machine learning technologies and, combined with the legal developments of the upcoming Payment Services Directive 2 of the EU, give users the ease of identifying recurring expenses, easily cancelling them or switching to similar services that are cheaper. This benefits the consumer by alerting them to expenses they may not have been aware of and saving them time by making the process of cancelling or changing services much more straightforward. With the number of subscription services growing, the app looks to balance out these, at times, complicated processes of cancelling or changing services with a user-friendly interface.
Connections to Science Park
Dyme is also a product of the synergies at Science Park, being a participant in the ACE Incubation Programme. The ACE Incubation Programme is a 12-week programme that assists Master’s students with potential start-up ideas in developing their concept, realising their product or service, and eventually advising the brightest ideas on how to scale.
Investment from the ASIF
Dyme is also notable for being the first company to receive money from the Amsterdam Student Investment Fund. The ASIF is a venture capital fund of around 1.000.000 EUR that is managed completely by students and a young advisory board. The fund is designed to invest exclusively in the ideas and start-ups of fellow students or recent graduates. In addition to their investments, the ASIF also organises events and workshops for students to meet employers, learn about the world of entrepreneurship and network with others involved in the start-up scene.