This right here is a very misleading sentence tbh. Did you grow your user base by 400% (so from 10k to 40k for example) or did you grow your user base 400% more compared to Q1 (+1000 users in Q1 vs +4000 users in Q2)?
Statistics show a consistent under 10k monthly app downloads over the past months (the lowest increment showing ‘less than 5k’ per platform, so it’s probably less), so that concludes you had at best 30k downloads in Q2. Which would mean that either you had effectively 10k users that went to 40k. Or that you had 7.5k new users in Q1. Both are pretty underwhelming given the fact that you claim to have spent way more on marketing. Keep in mind these are the best case scenario numbers, could as well be half or 10% of my calculations.
- CDC has 400k downloads monthly
- Wirex has 50k downloads monthly
- Curve has 50k downloads monthly
- Revolut has 400k downloads monthly
Maybe you should revisit your marketing strategy and find out why it doesn’t work. 400% growth is impressive if you don’t do the research, but is pretty underwhelming if you do.