Harvard-founded and MIT-backed fintech uses Cambr to help deliver its autonomous banking framework
BOSTON, MA / ACCESSWIRE / April 4, 2019 / Envel, an Artificial Intelligence (AI) enabled challenger bank created to address the needs of Generation Z and younger Millennials, announced today its Driverless Banking™ framework that automates the steering of customer finances in real-time to help stabilize spending and support wealth accumulation.
Envel's unique autonomous framework couples with Banking-as-a-Service solution Cambr and leverages behavioral insights to enable users to complete a number of money management activities typically spread across multiple apps, platforms or services.
As an AI-powered bank, Envel - founded at Harvard and with pre-seed funding from the MIT Sandbox - allows users to have real control over their finances with the ability to turn their account on "autopilot" and build wealth autonomously. Envel is designed to reinvent the banking model to fit younger consumers' long-term needs, implementing the best savings and spending model for its customers to ensure there is little unnecessary spending.
"There is so much copy and paste in banking models, especially given the technology we have available today," said Steve Le Roux, founder and CEO of Envel. "Banks today absolutely need to be committed to help build wealth without insulting a user's intellect or time, not to mention dedicated to building a more sustainable and ethical business model," he added. "Autonomy helps solve a number of problems and is very much a part of our future; from driverless cars to e-commerce, autonomous services will enable people to do more interesting things by saving time on seemingly mundane or repetitive tasks."
Envel's unique behavioral science driven technology formulates and implements the best savings and spending model for its customers to ensure there is little unnecessary spend. Through its Envel Money Management System, each user's Spending DNA™ is defined and tracked by a system that learns individuals' habits over time and automatically adjusts account splits and friction accordingly, organizing a users' income into four main divisions:
- Capital: Long-term savings
- Contingency: Emergency cash reserve
- Bills: Utilities/recurring/subscriptions
- Spending: Daily guilt-free limit
"The traditional checking account is just so dated. Instead, our AI automatically splits income into four accounts in a way that makes it easy for users to know when they should save, put away for an emergency or need to pay, and whether they can spend guilt-free with a daily limit. Envel is a complete reinvention to better solve customer needs and Cambr has been instrumental in supporting our AI framework through the provision of equally impressive and slick core banking technologies," said Le Roux.
Cambr, powered by StoneCastle and Q2, is a full-stack financial services toolkit that allows non-banks-including nontraditional lenders, robo advisors, savings apps and more-to rapidly build and scale banking services. Cambr seamlessly integrates the StoneCastle Deposit Network - a deposit platform of more than 800 community banks across the country - with Q2 Open's CorePro digital processing platform. Cambr also leverages strategic relationships with partner financial institutions that serve as banks of record. Through Cambr, fintechs can offer fully custom banking products to their users at scale.
"Envel exemplifies the variety of ways that Cambr can assist innovative companies in building products that meet the financial needs of today's customer," said Joshua Siegel, CEO of StoneCastle. "With the increased demand for products that provide hassle-free ways to easily manage finances, Envel offers younger generations the chance to manage their money in real-time."
About Envel, Inc.
In Q3 2019, Boston-based Envel plans to launch the first truly AI-powered retail bank account built upon technology that aims to change the way finances are managed. The team includes Founder and CEO Steve Le Roux, Co-founder and CTO Dmitri Artamonov and CFO Ted Hill, who is former CFO of Santander's US Consumer and Business Bank. Envel also relies upon a strong Advisory board of experienced bankers, management consultants, influential Millennials, Harvard professors and fintech leaders. Craig Bond, former CEO, Retail and Business Banking for the Barclays Africa Group and ABSA Bank appointed non-executive Chairman to Envel, and Mike Baxter, senior financial services management consultant and Partner at Bain & Company New York joins the Envel Board. For more on Envel see www.envel.ai.
About StoneCastle Partners, LLC
StoneCastle and its affiliates are leading providers of insured cash solutions for many of the world's largest institutions and most innovative companies. Our financial technology focuses on pioneering solutions to store, move and optimize money by delivering scalable, profitable and secure cash solutions for our clients and their users. Through our proprietary end-to-end platform, we store and optimize those deposits across our digitally linked network of FDIC-insured community banks. For more information about StoneCastle, visit http://www.stonecastle.com.
About Q2 Holdings, Inc.
Q2 is a secure, cloud-based digital banking solutions company headquartered in Austin, Texas. Since 2004, it has been our mission to build stronger communities by strengthening their financial institutions. Our digital banking solutions for deposits, money movement, lending, leasing, security and fraud enable financial institutions to deliver a better financial experience to their account holders. Our bank and credit union customers, along with emerging financial services providers, also benefit from actionable data analytics and access to open technology tools. To learn more about Q2, visit www.q2ebanking.com.
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SOURCE: StoneCastle Partners, LLC