Toshi – Micro-Investing Platform

Project Overview

Toshi was a fintech startup aimed at democratizing investing for European millennials and Gen Z through a mobile-first micro-investing platform. The vision was to enable users to invest spare change from everyday transactions into diversified ETF portfolios, making investing accessible, automated, and frictionless. As Co-Founder and Product Lead, I drove product strategy, MVP development, and customer validation through a comprehensive 9-month startup journey.

The Challenge

While micro-investing apps had proven successful in the US market (Acorns, Robinhood), the European market presented unique challenges:

• Regulatory Complexity: Navigating MiFID II, PSD2, and BaFin requirements across multiple European jurisdictions
• Banking Integration: Open Banking API integration was less mature than in the US, with fragmented standards across countries
• Competitive Landscape: Established players (Trade Republic, Scalable Capital) and legacy banks were entering the space
• Trust Barriers: European users were more risk-averse and skeptical of fintech apps compared to US counterparts
• Unit Economics: Low margins on micro-transactions required careful business model design

My Role as Co-Founder & Product Lead

Product Strategy & Vision

• Defined product vision, positioning, and go-to-market strategy based on market research and competitive analysis
• Conducted 20+ customer discovery interviews with target users to validate problem-solution fit
• Created product roadmap and prioritization framework balancing user value, technical complexity, and regulatory requirements
• Developed business model including revenue streams, pricing strategy, and unit economics projections

MVP Development & Validation

• Led cross-functional team of 4 co-founders through 9-month product development cycle
• Defined MVP feature set and created detailed product requirements and user stories
• Designed user flows, wireframes, and high-fidelity prototypes using Figma
• Managed agile development process with 2-week sprints, daily standups, and weekly retrospectives
• Conducted usability testing with beta users and iterated based on feedback

Regulatory & Compliance

• Worked with legal advisors to understand BaFin licensing requirements and compliance obligations
• Evaluated partnership models with licensed broker-dealers vs. pursuing own license
• Ensured product design met MiFID II, GDPR, and PSD2 requirements
• Created compliance documentation and risk assessment frameworks

Business Development

• Evaluated and negotiated with potential banking and brokerage partners
• Pitched to angel investors and early-stage VCs (raised interest but ultimately did not pursue funding)
• Built financial models and business case analyses

Product Concept & Technical Architecture

The Toshi platform was designed as a mobile-first experience with the following key features:

Core Features

• Round-Up Investing: Automatically round up purchases to the nearest euro and invest the spare change
• Smart Portfolios: Algorithmically diversified ETF portfolios based on risk profile and goals
• One-Time & Recurring Investments: Flexible investment options beyond round-ups
• Financial Education: Bite-sized content to improve financial literacy and build investing confidence
• Goal-Based Investing: Set and track progress toward specific financial goals

What I Learned

Despite not launching the product, this experience was invaluable for my development as a product manager and entrepreneur:

Product Management

• Customer Discovery is Critical: Early and continuous customer interviews prevented us from building the wrong product
• MVP Scoping: Learned to ruthlessly prioritize features and cut scope to focus on core value proposition
• Regulatory Constraints Shape Product: In highly regulated industries, compliance requirements must drive product decisions from day one
• Prototyping Validates Faster: High-fidelity prototypes enabled usability testing and feedback without expensive development

Business & Strategy

• Know Your Barriers to Entry: Underestimating regulatory and capital requirements was a key mistake—should have validated earlier
• Partnerships vs. Build: Learned to evaluate make-vs-buy decisions, particularly for regulated capabilities
• Unit Economics Matter: Beautiful product doesn't guarantee viable business—unit economics must work from the start
• Timing & Competition: Market timing and competitive positioning are critical in fast-moving sectors like fintech

Entrepreneurship & Team Dynamics

• Part-Time Startups Have Limits: Competing in capital-intensive, highly regulated markets requires full-time commitment
• Know When to Pivot/Stop: Knowing when to cut losses is as important as perseverance
• Co-Founder Alignment: Regular, honest communication about commitment levels and risk tolerance is essential

Personal Growth

• Gained deep domain expertise in fintech, payments, and financial regulation
• Developed resilience and comfort with ambiguity and failure
• Built confidence in product strategy, customer research, and startup execution
• Strengthened ability to make difficult decisions under uncertainty

Skills & Experience Gained