@fomo co-founder @seyong tells @kateirwin social finance stalled because apps tried to "slap social onto something that people weren't really interested in" instead of building an experience people wanted first.

What happened

The co-founder of Fomo, Seyong, told Kate Irwin that social finance stalled because apps added social features to products people were not interested in, rather than building a desired experience first.

Confirmed

Global impact / market context

This suggests that finance apps should focus on user needs before adding social features, which could influence how companies design products and invest in development, potentially improving user engagement and revenue.

Analyst inference

In the broader financial technology market, this insight may encourage startups to prioritize user experience over gimmicks, affecting capital spending and competitive positioning, and possibly leading to more sustainable business models.

Analyst inference

What to watch

1. Watch for any follow-up comments from Seyong or Fomo about their approach to building social finance products, which could clarify their future strategy. Confirmed
2. Consider whether Fomo will release a new product or feature that demonstrates a user-first design, which could serve as a test of their stated philosophy. Proposed
3. Observe if other finance apps shift their design strategies to prioritize user experience, which could affect their user growth and revenue over time. Analyst inference

Evidence

• x.com