FinFlow, a personal finance app with 2.4M monthly active users, launched a referral program 8 weeks ago offering both the inviter and invitee a $10 reward after the invitee links a bank account and completes their first transaction. Leadership wants to know whether the program is actually effective or just adding incentive cost without improving durable growth.
Before launch, FinFlow averaged 48,000 new signups per week, 62% bank-link conversion, 41% first-transaction conversion within 14 days, and 8-week retention of 29% for new users. In the 8 weeks after launch, weekly signups increased to 61,000. Of those, 18,000 per week came through referral invites. Referred users showed 78% bank-link conversion, 56% first-transaction conversion within 14 days, and projected 8-week retention of 35%. The company paid $1.12M in referral rewards during the period. Paid acquisition spend stayed flat, but organic signups fell from 31,000 to 26,000 per week.
referral_invites: inviter_id, invitee_id, invite_sent_at, invite_accepted_at, reward_paid_atuser_signup_attribution: user_id, signup_date, acquisition_channel, campaign_idonboarding_funnel: user_id, bank_linked_at, first_transaction_atweekly_retention: user_id, signup_week, retained_week_1_to_week_8marketing_spend: week, channel, spend, rewarded_users, incentive_cost