Kasheesh is a company that makes it easier to split any online payment across multiple debit and credit cards. Pulse 2.0 interviewed Kasheesh CEO and co-founder Samuel Miller to learn more about the company.
Samuel Miller’s Background
What is Samuel Miller’s background? Miller said:
“Certainly, I am a serial entrepreneur with three exits and a Director at a Top-10 Venture Capital Firm (with investments like SeatGeek, LevelUp, Octane Lending, House Party, and more.) I’ve been in the startup ecosystem for over a decade. Now, I am focusing on my current initiative, Kasheesh. Kasheesh was born in COVID out of a need for smarter payment options during the Buy Now, Pay Later (BNPL) boom in 2020. While BNPL offered convenience, it often came with hidden interest rates and predatory practices.”
Formation Of Kasheesh
How did the idea for Kasheesh come together? Miller shared:
“I noticed a wave of consumers demanding alternative payment methods at checkout during the initial BNPL boom in late 2020 but knew there had to be a better approach with much less downside. At a friend’s apartment, someone was trying to buy something online and didn’t want to use BNPL, but didn’t want to max out her credit card so she called the retailer to see what other options she had.”
“To her surprise, the retailer said, ‘You can come into the store and split it across as many debit and credit cards as you want; we just don’t have the technical capability to do that online.’ That’s when I realized the solution: consolidating what you already have in your wallet into one Super Card where the consumer has the power and freedom of flexible spending. Especially when it comes to retailers that are solely eCommerce and have no physical locations, our solution provides consumer financial management through flexible transactions.”
Favorite Memory
What has been Miller’s favorite memory working for the company so far? Miller reflected:
“My favorite memory so far has to be when we made our very first transaction using Kasheesh after about a year and a half of building the Beta. It was such a pivotal moment for us as a team, knowing that everything we had worked so hard to build was finally coming to life. The transaction was for Kevin, our CTO’s new laptop on BestBuy’s website, and it just felt like a real validation of our vision.”
Core Products
What are the company’s core products and features? Miller explained:
“At Kasheesh, our core products and features are designed to provide seamless, flexible payment solutions. We offer Tap-To-Pay functionality on both Apple and Android devices, making contactless payments easy. Our Multi-Use card allows for repeated transactions, while the Single-Use card is perfect for one-off purchases. To manage these cards, we provide a Native App that keeps everything in one place, alongside a desktop and mobile dashboard where users can track all their transactions and manage their cards. Additionally, we’ve developed a Browser Extension that further enhances the user experience by integrating seamlessly into online shopping.”
Challenges Faced
What challenges have Miller and the team faced in building the company? Miller acknowledged:
“One of the biggest challenges we’ve faced in our sector has been ensuring that we remain fully compliant from a regulatory perspective. Although we’re technically not a bank, we are essentially treated as one, which means we have to meet strict requirements such as KYC (Know Your Customer), AML (Anti-Money Laundering), and OFAC (Office of Foreign Assets Control) regulations. These requirements have sometimes created hurdles for us, but we overcame them by building more robust components into our tech stack. This has allowed us to maintain compliance while delivering a seamless and secure user experience.”
Evolution Of Kasheesh’s Technology
How has the company’s technology evolved since launching? Miller noted;
“Since launching, we have evolved significantly. Initially, we started with just a Browser Extension, but we’ve grown into a full-service digital card platform that allows consumers to split their transactions without limitations. This means our users can now seamlessly shop both online and in person, using our technology to divide payments across multiple funding sources. Expanding from a basic extension to offering a complete digital card system has been one of our biggest accomplishments, enabling users to manage their transactions with far more flexibility and ease.”
Significant Milestones
What have been some of the company’s most significant milestones? Miller cited:
“Some of Kasheesh’s most significant milestones include achieving a 75% conversion rate from the signup page to actual signups, which shows how well our product resonates with users right from the start. Additionally, we saw a 340% outperformance over projected user growth in Q3 of 2024 compared to Q2, which was a major indicator of our accelerating traction in the market. Another milestone we’re proud of is our 109% quarter-over-quarter growth rate in GMV (Gross Merchandise Volume), which highlights how rapidly our platform is being adopted and utilized by our users. These milestones have been key in validating our growth and the effectiveness of our platform.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Miller assessed it is over $270 billion.
Differentiation From The Competition
What differentiates the company from its competition? Miller affirmed:
“What truly sets us apart from the competition is that we’re the only company offering this type of solution. We provide a unique platform that allows users to split transactions across multiple funding sources. No one else in the market offers the same level of flexibility and ease when it comes to managing how payments are divided.”
Future Company Goals
What are some of the company’s future company goals? Miller concluded:
“Looking ahead, we have several exciting goals. One of our primary objectives is to launch our loyalty program, which will add even more value for our users. We’re also working on introducing Group Payments, a feature that will allow multiple users to split transactions seamlessly. In addition, we’re focused on forming major partnerships with like-minded businesses to enhance the overall experience and value proposition of using Kasheesh.”
