Envel — Banking on Autopilot
We’re excited to announce our investment in Envel. Although their fundraise is complete, you can learn more about their equity crowdfunding campaign that raised nearly $2M here.
The Problem
Envel believes that the consumer banking system hasn’t focused on improving its customers’ financial health. Traditional banks often profit from getting you indebted and don’t always offer you the freedom or advice to help organize and manage your money in a way that helps you.
What The Company Does
Envel has engineered autonomous banking with autopilot to organize your money automatically for you with little effort by automating budgets, savings and investments and using fun prompts to avoid bad purchases. Envel’s artificial intelligence learns to understand your needs and goals and creates a personalized budget to guide your daily, weekly or monthly spending. It splits your income into four “Autonomous Envelopes” and keeps money aside for your goals.
Source: https://wefunder.com/envel
Business Model
Most of Envel’s revenue comes from interchange fees, interest income and expedited and added value services.
Traction
Envel has almost 35,000 users and is near the top 100 app store ranking ahead of many top US neobanks.
Founding Team Background
Founder Steve Le Roux is a fintech entrepreneur with 2 exits and has been successful in leading game changing innovation within Gov, Fintech, NGOs and FTSE 100.
What They Need Help With
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