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April 8, 2024

Former Business Insider execs launch personal finance brand on Substack

MoneyIn2 hopes to tell those who don't yet have money how to make it.

By Clara Aberneithie

Open publishing and newsletter technology has “opened the market” for journalists to launch new publications according to the co-founder of a new title targeting personal finance.

Substack will be used as the content management and newsletter publishing system for MoneyIn2 which will offer personal finance advice to new investors and young people.

Co-founded by Julian Childs, former international revenue chief of Business Insider, the outlet will offer newsletters with two minutes worth of information per day.

Other co-founders include editor Jim Edwards (formerly editor in chief of Business Insider) and Kathryn Tuggle who will head up marketing. Jim Edwards is a paid contributor to Press Gazette.

Childs told Press Gazette: “I really love the newsletter model, it’s had a bit of a resurgence, and that’s been accelerated by platforms like Substack.

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“That model of open CMS for newsletters has really opened the market for journalists to publish, in the same way that the internet and social media did 20 years ago.”

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He added: “With newsletters, you’re more in control of building a relationship with your audience and you’re not reliant on models like Google who at any point can decide to switch things.”

Childs said that MoneyIn2 will respond to two information gaps in the current personal finance news service. The first is information catered to young people and those who do not already have money. The second is an emphasis on growing money, not just saving it.

Subscribers can receive the newsletter for free and paid subscribers receive access to extra posts and the full archive. The cost is £7/month or £65/year. The title will also carry advertising.

Substack offers journalists a free CMS but takes 10% of the revenue via subscriptions. Publishers on Substack keep all their direct-sold advertising revenue. Substack does not run its own advertising.

US-based entertainment industry title The Ankler is run entirely on Substack and is predicting revenue of $10m this year.

Childs explained where the initial funds to launch came from: “We’ve got some money from friends and family, we’ve individually put money in, we have a small amount of investment, and we expect to raise more later this year to accelerate our growth.

“But at the moment, we’re bootstrapping because we feel that it’s important for us to get out there.”

He added: “It’s interesting because so much of our audience target is now starting to take financial advice from social media which is great but also super risky.”

Of those who follow financial guidance from social media, 74% lose money or experienced an undesired outcome, according to research by Capital One.

Childs said: “We’re a credible source aiming to help people with smart advice, not ‘get rich quick’ schemes.”

“There’s also less competition for this type of media in the UK, unlike the US where there are some great newsletters which do similar projects to us.”

The outlet will start with three newsletters a week but hopes to increase to daily frequency and being expanding the editorial team.

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Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

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