We increased user signups by a 300% for Merlin Investor, a pioneer in consumer fintech.

Arrow 300% Increase in New User Signups
Arrow 50% MoM Increase in Conversion Rate
Arrow 515% Increase in Website Users

The NoGood team’s approach to rapid experimentation, product-led growth, and performance branding was instrumental in Merlin’s growth.



Who is Merlin?

Merlin Investor is a unique investment strategy company that aims to empower retail investors in achieving personal financial independence. The company’s user-friendly platform allows users to effortlessly build and analyze their own investment portfolio with a variety of customized investment strategies.

The product has an intuitive user interface that allows users to analyze and track different investment strategies. Users can create personalized investment strategies, track virtually all types of assets, use widgets for investment ideas, and access customizable dashboards.

The Challenge

  • Limited brand awareness in a competitive and saturated market of retail investing, crypto, and consumer fintech
  • Reaching high-intent audiences interested in investing and wealth tracking post iOS 14
  • Gaining trust from potential users without extensive social or PR validation
  • Increasing brand awareness while maintaining a low cost per sign-up across paid media channels
  • Identifying Merlin’s unique value propositions and market differentiators that appeal to different user segments
  • Proactively generating interest in the beta version of the investment strategy platform


Through our partnership, we were able to achieve significant results in increasing user signups and website engagement. In the first five months of our collaboration, we increased new signups by 300%, proving the effectiveness of our growth strategies.

One of our key tactics was to identify successful value propositions and audiences, which helped us reduce cost per acquisition across all paid media platforms by more than 10% month-over-month. We also conducted iterative conversion rate optimization experiments that resulted in a 50% increase in website conversion rates compared to the previous month.

To further drive growth, we used both paid and organic marketing efforts, which resulted in a 515% increase in website users. In addition, through rapid experimentation with creative testing and ad copy on Facebook Ads, we achieved a conversion rate that was 327% above the industry standard. These results demonstrate the effectiveness of our data-driven approach and our ability to deliver measurable growth for our partners.

300% Increase in New User Signups
50% MoM Increase in Conversion Rate
515% Increase in Website Users

Services Provided

  • Growth Marketing
  • Paid Social Advertising
  • Paid Search Advertising
  • Performance Branding Services
  • Search Engine Optimization (SEO)
  • Conversion Rate Optimization (CRO)
  • Website & Product Analytics
  • Audience Hyper-Targeting
  • Growth Design
  • UX Design
  • Copywriting


  1. Developed a consistent and memorable brand experience across channels to improve brand recall and trust

  2. Conducted rapid micro-experiments across multiple channels, messaging, and acquisition journeys to determine key value propositions and high-value markets

  3. Implemented various conversion rate optimization (CRO) changes to educate the target audience and increase overall conversion rates

  4. Created a performance branding matrix to experiment with a variety of value propositions and creatives to identify the messaging and visuals that resonated most with the audience and drove the highest conversions

  5. Explored non-traditional marketing channels to reach Merlin’s target audience


Queenie Leung

Sr. Growth Strategist

Theano Dimitrakis

Growth Strategist

Ayushi Gupta

Growth Marketing Manager

Helena Yang

Creative Lead

Scott Katz

Growth Designer

Creative Samples

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