Envelope is a banking app with built-in budgeting. It's similar to Mint, Copilot, or Rocket Money, but our app issues you a checking account during onboarding so there's no syncing or flaky bank connections. We are structured to be the primary checking and savings account for our users. We (Josh and Katelyn) are married cofounders who previously worked on Apple Card and the Robinhood iOS app. We started Envelope because we were using clunky tools like the Chase app, spreadsheets, and Mint to run our family finances and realized we could do it better. In the future, you could go set up a Chase account for checking, E-Trade for investing, SoFi for savings, Ally for money market, Greenlight for kid cards, PLUS the Mint/YNAB/Rocket Money to glue it all together + budgeting, or you could just use Envelope. _Envelope Money is a financial technology company and is not a bank. Banking services provided by Pacific West Bank, Member FDIC. Your funds are FDIC insured up to $250,000 through Pacific West Bank, Member FDIC. The Envelope Money Visa® Debit Card is issued by Pacific West Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted._
TLDR We're a gamified consumer banking platform with built-in envelope budgeting and wealth management. We’ve processed over $20M in transactions, surpassed over $1.5M in active deposits, and reached break-even profitability in our closed alpha round.
PROBLEM
Saving, investing, and meeting wealth milestones are critical for good financial health, but are often boring or stress-inducing. It doesn’t pack the same dopamine punch as 2% cash back. This leaves us with a gaping disparity between the average total consumer debt of $101,915 and the 63 percent of Americans who don't have enough saved to cover a $500 financial setback.
We— @Josh Cockrell Strobel and @Katelyn Strobel— run a 75K+ subscriber YouTube channel, and have vlogged our personal finance journey as a couple in Silicon Valley. We were constantly getting asked which tools we recommended for managing our finances. At that point, we had tried everything and were frustrated with the existing solutions. We had nothing we could confidently recommend.
So, we decided to use our backgrounds in consumer fintech (Katelyn worked on marketing projects for Apple Card, Acorns, and Digit, and Josh worked as a programmer on the Robinhood & Twitter iOS apps) to create our ideal wealth management platform.
SOLUTION
We make good financial behavior fun, measurable, and addicting.
Through our banking partners*, our app employs an FDIC-insured checking account and Visa card to serve as the central hub of your finances, and our budgeting features and analytics gamify the experience by aligning you with your dream financial life. We facilitate all of this through a digital “cash” envelopes system, custom goals, and tailored analytics.
ASKS
*Banking services provided by Envelope Money, Inc.’s partner banks, Members FDIC. Card Services are issued by Envelope Money, Inc.’s partner banks, pursuant to a license from Visa.