BOSTON, MA / ACCESSWIRE / June 10, 2021 / Envel, a Boston-based fintech, has raised $2M from nearly 2,000 crowdfunding investors who are all eager to support Envel in its quest to alleviate the financial challenges faced by many young people. Envel conducted this successful campaign on the Wefunder crowdfunding platform, enabling them to connect with investors from across the U.S. and around the world. Envel spent 6 weeks in the number one spot on Wefunder, the largest crowdfunding platform in the U.S., attracting investors with their purpose driven mission, unique patent pending technology, strong community engagement and uniquely experienced leadership team.
Envel is a mobile banking app with a Visa debit card that uses an automated envelope system powered by artificial intelligence to help a new generation automate their money management. Given that over 65% of working Americans live paycheck to paycheck, Envel believes it has the right solution for the right time and that their mission is now more crucial than ever. With minimal fees, no minimum balance and no credit checks, Envel seeks to help all age groups and demographics by prioritizing financial inclusion and its zealot like approach to solving customer pain points, over a pure profit motive. Envel's mission is simple, to help people manage their money better, so that they can live better lives.
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With strong Angel investor support, why did Envel choose a crowdfunding campaign as opposed to more traditional fundraising strategies? CEO and Founder Steve Le Roux says, "I didn't want to pass up on the incredible opportunity to engage with thousands of passionate investors and potential users, all eager to invest not only their money, but in many cases, their time, to help Envel succeed".
"We're absolutely thrilled to raise capital in this way, it's great validation that the public believe in our mission and we're heading in the right direction by providing a service to proactively employ autonomous financial guidance to our customers. It's a great community to tap into for constructive feedback, all wanting to use our service and vested in our success. Crowdfunding is such a great way for companies to get going and refine their product. We have grown significantly since going into the app stores in January, driven by the needs of consumers for good digital banking services. This illustrates that there is a clear need for not only digital banking services, but also financial guidance." says Steve Le Roux, Founder & CEO
Many Wefunder investors have not only given the Envel team valuable feedback about their app, but also joined super user groups to work directly with their design and product team to help build the Envel banking features they want. Just as the app aims to improve levels of financial inclusion, this crowdfunding campaign served as an inclusive fundraising strategy, allowing investors from all walks of life and financial statuses to own a piece of Envel, and have a say in the development of its app and future success.
Co-founder and SVP of User Experience, Matina Dimitriadou says "At Envel we put User Experience above everything else. From the very beginning, our UX strategy was to provide a beautiful customer journey while including the element of fun and personalized engagement which is generally missing in traditional banking. Our goal is to create an intuitive product that is fully customizable and can be adapted to multiple use cases, in order to help millions of people manage their money in the best way possible. We have been amazed by the different ways people use our product and how creative they can get with the tools we have given them. Our users and community forums have played a major role in the evolution of our app and the services it offers".
The Envel team, comprising almost 30 team members, is very encouraged by the success of this crowdfunding campaign. These funds will enable them to greatly accelerate the pace at which they make improvements to their features and user experience, whilst delivering on customer needs and adding new automated financial guidance features to the app.
Envel is currently live in the U.S. Apple and Google app stores and will be launching its new version during June 2021.
About Envel, Inc.
Founded at Harvard and with pre-seed funding from the MIT Sandbox, Envel is designed to reinvent the traditional 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. Envel's ultimate mission is to improve the financial health of users in a way that is accessible and effortless, thereby decreasing the enormous burden of financial stress experienced by so many Americans. The team is led by CEO and founder Steve Le Roux, who conceptualized the idea for Envel as part of his studies at Harvard. For more on Envel see www.envel.ai. Envel has so far received $4.75M in seed investments. Envel is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.
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SOURCE: Envel, Inc.