Blog

Get expert advice on every topic you need as a small business owner, from the ideation stage to your eventual exit. Our articles, quick tips, infographics and how-to guides can offer entrepreneurs the most up-to-date information they need to flourish.

Subscribe to our blog

Accounting

Finance

Ideation

Insurance

Startup

Taxes

Tech

Approaching Uncertainty

Ideation

Case Study: Mystro

Posted by Early Growth

August 29, 2018 | 3-minute read (598 words)

Rideshare Drivers: Make More Money (And Drive More Safely)

In addition to taking part in a taxi-toppling industry disruption, drivers for ridesharing apps have a lot more on their plate than just shuffling city dwellers to and from happy hours: Maintaining multiple ridesharing accounts so that a Lyft ride isn’t automatically accepted when the driver is on the road for an Uber ride has drivers juggling apps—sometimes prompting drivers to carry more than one phone, which doesn’t set the stage for attentive driving.

Mystro aims to make drivers safer and more profitable:

The app-switching feature controls multiple platforms and does the switching automatically, so drivers aren’t penalized for not responding.

Trip filtering allows drivers to set preferences so that they only accept the rides they really want, so they can avoid unprofitable trips or long drives to passenger pickups.
Automatic mileage tracking and stats help drivers keep tabs on their business.

In 2016, the founders of Mystro built an app for managing multiple ridesharing accounts, running only on a user’s device. In February 2017, they pitched Mystro to Rideshare Guy and the blogger formerly running Uber Man, two influencers with fervent followers who are serious about maximizing revenue.

“Being able to show those guys a real demo—not just vapor—was crucial in getting them excited about our solution to a problem they all had,” says Matthew Rajcok, co-founder and CTO. “They got a lot of their followers signed up our beta version in early 2017—that took off with a lot of interest.”

Since then, it’s been slow and steady growth for Mystro, but they’re focusing on profitability and revenue growth. They’ve done some work to get the app as easy and robust as possible. “We just passed a 4.0 rating on the Google Play store, which is really a big deal for us.”

Working with Early Growth Financial Services

“Kirsty Nathoo (CFO of Y Combinator) recommended Early Growth to me. They seemed to get what we were doing in the early stages.”

“We had to put together our books in quite a short time. Early Growth really stepped up to what ended up being a pretty onerous task, and the work was really important. They helped us get our financial recordkeeping into really great shape.”

Amjad Huda, a CFO with Early Growth, has been working with Mystro since that time. He says, “I’m really excited about their product. I ride Uber a lot, so I understand what the app is doing. They’re already growing 10%, which is really very good. Every few minutes someone else is getting onto it.”

“I’ve found Matt so proactive, responsive, and open to all kinds of ideas. I really appreciate that mindset,” says Amjad.

The commitment to building that relationship is strong on both sides.  “Amjad and Ann Sweeney have been super responsive and great at checking in, keeping things moving on a tight timeline,” says Matthew.

The Road Ahead

What’s driving Mystro going forward? Matthew says, “We’re looking at tracking and reporting more to optimizing earnings. We don’t want to spoil any surprises, but we’re working on different ways our users can maximize their income.”

Mystro is currently available on Google Play for Android devices. Try it free for 14 days.

Are you ready to start taking advantage of Early Growth Financial Services offerings? Schedule a complementary consultation with us to grow your business with our financial guidance and strategic relationship building.

Blog

Subscribe to our blog

Ideation

Case Study: Mystro

Working with Early Growth Financial Services

Related Blog Posts:

Related Stories

The Impact of AI on Life Science Industries: 6 Key Updates

Top 6 Learnings from Grammarly’s Path to SaaS Success

Popular Stories

How Outsourced CFO Services Can Unlock Your Business’ Financial Growth

Unveiling Winning Fundraising Strategies for Private Equity Firms

6 Challenges and Solutions that Non-Profit Financial Management Face