“Banking for a new Generation” – Envel Aims to Raise Up To $4.4 Million on Wefunder

“We believe that the consumer banking system isn’t focused on improving its customers’ financial health. Traditional banks profit from getting you indebted and don’t offer you the freedom or advice to help organize and manage your money in a way that helps you.”

Envel, an aspiring neobank, is raising growth capital on Wefunder.

According to the offering page, Envel is selling equity at a pre-money valuation of $30.9 million for early investors (first $500,000) and at a valuation of $40.3 million for anything invested after that. Envel is raising up to $4.4 million on Wefunder, according to its Form C.

As it stands today, 104 investors have committed over $90,000 to the securities offering.

Envel is seeking to provide a banking service for a younger generation that is leary of traditional financial services firms. Co-founded by CEO Steve La Roux and SVP Matina Dimitriadou, the bank for a new generation has previously raised $8 million from other investors.

To date, the startup reports over 33,000 users of its budgeting, savings, Visa debit card, and investing app, available on both the Apple Store and Google Play. In the near future, Envel states that it will offer automated stock purchases as well as crypto-trading (BTC and ETH).

Envel is designed to “help its users avoid money anxiety and spending regrets by automating their budgets, savings and investments and using fun prompts to avoid bad purchases.” Artificial intelligence is expected to play a key role in its service helping its users to manage their money.

Envel states that you should invest in its company because “Fintechs and neobanks have less than 10% market share of US consumer banking,” and is thus a huge opportunity. Like many Fintechs and neobanks, Envel is partnering with a charted bank, nbkc bank to offer some of its services.

If you are interested in learning more about the company, the offering page may be reviewed here.

 


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