Founded in April 2021, Olla is a real-time social networking app (IOS and Android) for retail investors to discuss the latest stocks and cryptocurrency investment topics. Olla creates a hands-free and highly interactive social experience, unlike all other social media apps. Users are connected through the power of voice only.
In Olla, you can open either a private or public hall using $cointage (also known as stockcode) such as $GENTING, $AIRASIA, $TSLA to spontaneously jump into voice chat with other investors, like a conference call. You have the option to share your thoughts or stay as a silent participant and leave at any time without any obligation. Feel free to look around the app for another interesting investment topic and jump into the hall at any time you want. Interestingly, our findings show that energetic rooms usually attract more crowds, while the mellow tones, the participants tend to exit and join other halls. This shows that your tone of voice is very important as it has the power to affect another individual's intention whether to be in your hall for a longer time or exit from there.
Since Olla launched the first invite-only beta version in June 2021, the Olla app quickly attracted more than 300 of Malaysia’s finance influencers to use the app. They spend an average of 1.5 hours of voice discussion daily, that is more than 13,500 hours of voice time in the last 30 days.
In the next 12 months, the Olla team plans to grow the app to 100,000 daily active users from various investment topics, including Malaysia KLSE stock, US stock, and cryptocurrency.
The following below are the 3 main issues that Olla aims to solve:
- No platform to connect over 100 million global stock/crypto investors to discuss and connect in real-time.
- Rewards vs Contribution elements are missing on the existing social media platforms. Finance Influencers are not getting a proper pay and recognition from their sharing.
- Privacy is a crucial issue for traders as they don't like to share publicly with others on their investment plans.
From the market research, we found that there are 100 million registered stock and cryptocurrency retail investors globally, but there's no specific platform to connect all of them. In today's social media, people use TikTok for short videos, Netflix for movies, Twitch to watch live gaming, Zoom for conference calls. However, for stocks and cryptocurrency markets, retail investors are still using Facebook groups for community discussion.
Especially, Millennials (age 24 to 39) and Gen Z's (age 18 to 24) have more control over wealth and knowledge for investment. They have a much higher social behaviour level when they invest – known as a social investment compared to the older generation investors. We spent months studying their behaviour and talked to more than 200 young investors.
We learned that they don't retrieve information from newspapers or brokers. Instead, they obtain information from their private social media group, such as Facebook, by following finance influencers or well-known gurus.
However, the Facebook group is not built for investors. There's no reward system and control over privacy details. Therefore, investors cannot create deep discussion and interaction because a limitation is leaving your opinions under the comment section. The information is one-way, with no feedback loop.
We are introducing Olla, a real-time social networking app (IOS and Android) for stock and cryptocurrency investors. Olla aims to give Millennials and GenZ retail investors a new way to connect and talk about investment. "Olla has the perfect environment for us as users to discuss investment philosophy easily without any restrictions!" said Khim, a Cryptocurrency enthusiast and Olla beta user.
Unlike other topics, stock and cryptocurrency markets change every second depending on the circumstances. Thus, retail investors have a relatively low advantage in capturing the latest market information because they couldn’t keep up to date all the time, unlike professional brokers. Therefore, peer support becomes necessary to retail investors so they can still keep up to date on the latest market news-worry-free of missing out. This is where Olla-a real-time discussion app helps retail investors to get fast and reliable tips that are not available in Google or anywhere else. Furthermore, Olla advanced cloud technology is able to support up to 500,000 users discussions in a single hall without any unnecessary glitch.
Majority of the social media platforms focus mainly on images and videos, which are the best communication channels to share users knowledge and personal thoughts. Afterall, humans are visual learners. However, in finance, a subject that relies heavily on logical thinking and data, requires us to learn from peers and other successful investors to gain knowledge and better understanding. Therefore, audio becomes a better channel to encourage deeper and meaningful discussion for investment topics.
How does Olla work?
1. Download Olla-Investors Community App from Apple App Store or Android Play Store. Get invitation code (invite-only for beta version) and register an account using your mobile number.
2. Open the app and you can find an interesting live financial discussion.
3. You can join the existing hall to listen to what they’re discussing or you can open a new hall by choosing either audio or text hall.
4. Once you open the hall, it’s time to invite speakers and share insider news or the hottest topics of the day. E.g. “TESLA share price dropped by 30% today. Bull or Bear?”
5. In case you’re not available to voice chat, you can also open “Text Hall” to text and join the discussion with the rest of the audience.
Olla was built with modern technologies such as Cloud-Native, Microservice architecture and DevOps -tested with 100 billion daily access volume. It has automated scalability & low latency advantages. We decided to use the Agora platform, the leading video, voice and live interactive streaming platform, helping developers create quality real-time recording and messaging.
Agora is the same software that Clubhouse uses. After months of comparing with more than 13 voice-engine services globally, we noticed that the Agora platform is the most stable for global usage. No doubt, feedback from Clubhouse users on their app further solidified our findings.
Since the beta version launched in June 2021, the Olla app quickly attracted more than 300 Malaysia’s finance influencers to use the app that spend an average of 1.5 hours of voice discussion time on daily basis, which is more than 13,500 hours of voice time in the last 30 days. Here is the list of some high-profile stock & cryptocurrency investors in Olla:
0 – 5K users: Oct 2021
5K – 100K users: November to April 2022
100K – 1mil users: December 2022
1mil – 10mil users: December 2023
Olla's primary audiences are Millennials and Gen Z retail investors that focus on the Malaysia and US stock market, such as KLSE, Nasdaq, S&P500, Dow Jones. In addition, Bitcoin, Ethereum and other cryptocurrency markets are also our target users. These types of markets are known for their highly volatile features, therefore, require investors to make decisions in real-time.
Social media is a user data business that collects their details that are publicly shared, including metadata such as the user's location, language, biographical data, and shared links. With this in our mind, our goal is to make revenue in 2 year’s time after achieving 20 million daily active users.
Users purchase Olla coin to access premium ads-free content just like Spotify or YouTube. As a result, Spotify has 60% monthly subscribers that strongly believe in premium content. For example, let's assume 20% is from Olla Coin. So the calculation is 20 million x 30% x $20 = $120 million per year
Customer acquisition cost in the finance industry is high. Let's take an example of a credit card company with $200 CAC.So the calculation is 20 million users x 2% x $200 = $80 million per year
Partner with 3rd party service providers to provide broker services, personal loan, insurance service, and so forth.
Finance and assets investment is one of the biggest markets in the world. Over 100 million retail investors in the world contribute to 20% of the global stock-market activity. That demonstrates the market demand on investment topics. To kickstart, Olla will focus on Malaysia and US stock market investors since it has an accessible market of 35 million people.
Olla competitors are the major existing platforms with investor communities like Facebook groups, Reddit, Whatsapp groups, and Clubhouse. Compared to them, Olla has its unique positioning that targets specifically on retail investors by creating customized features like $cointag, stock profiles, investors profile, charts, and so forth.
Olla plans to raise between RM3.5 million to RM5 million of seed funding to build a substantial competitive advantage across the region.
Through the investment and funding, Olla will increase its user's database tremendously by growing the daily active users from 1,000 to 100,000. Furthermore, we will also use the funding amount to build a stable and scalable voice technology that will enhance the user’s experience even further.
Our vision is to connect global community members from different backgrounds to learn, share, and engage in the largest stock and cryptocurrency community. We aim to solve financial illiteracy by making Olla accessible to everyone.
Sky Chong is a serial entrepreneur and angel investor specializing in corporate finance, accounting, fundraising, business management, and expansion strategy. With more than 14 years of financial accounting background, he successfully empowered more than three publicly listed companies and made multiple million-dollar startups along the way.
Olla has seven team members who have relevant experience and are subject matter experts. The management team in Olla is as below:
Weng Han, Head of Marketing
WengHan is an expert in social media growth marketing, branding strategies in the consumer goods industry. Through his experiences, he had successfully grown an online lifestyle consumer brand known as Alcosm
(https://www.alcosm.com.my/). It generated more than RM 8 million in revenues in the last 16 months. By making a name for himself as a young entrepreneur and marketer, he wants to continue to grow in the world of entrepreneurship and startups despite the challenges he may face.
Zhang Hang, Head of Technology
Before joining Olla, he was the founder and CEO of Moonbird Pte Ltd, a Singaporean incorporated software development firm. Zhang Hang has extensive knowledge and 12 years of experience in blockchain, cloud computing, AI, Web and mobile app development experience.
- No shares will be allotted or issued based on this document after six months from the closing of the offer period.
- This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
- This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.
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