Envel, a Harvard-founded, MIT-backed FinTech, have engineered the first ever AI-based Autonomous Bank Account to manage users’ finances on Autopilot. Launching in fall of 2020, Envel raised $2.7M seed investment from U.S. Angels and Family Offices who are committed to improving budgeting and financial stability for millions of Americans, particularly relevant during the current crisis. Thousands have signed up to the waitlist eager to take back control of their finances.
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“It has been a personal mission of mine to build an autonomous digital bank that proactively helps the majority of people who don’t have the time, skills or indeed desire to manage their finances. Let’s face it, the socioeconomic challenge we face today is that managing finances and budgeting, is for most, far too mentally taxing around our busy lives, and makes us feel terrible knowing we could have been better at reaching our goals. So many of the dreams people have, have been impeded by a lack of financial discipline. Just imagine how amazing the world would be if at the very least a bank could do all the heavy lifting for you in real-time driven by the power of AI, helping manage every precious cent, neutralizing anxiety and making it fun. Autonomous banking is the future and we’re incredibly grateful to Paul Pagnato and all our investors for helping support our mission!”
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Envel’s digital banking app is designed for a young generation of consumers in need of financial guidance. Envel uses its patent-pending AI technology and insights from the intersection of behavioral science and Artificial Intelligence to help Americans better manage their money. Envel allows users to have real control over their finances with the ability to turn their account on “Autopilot” to help build wealth autonomously. The app is designed to be fun, simple, and user-friendly, a stark contrast to traditional banking apps. Envel aims to gamify financial management to attract and engage a younger generation of consumers.
Amidst a global COVID-19 pandemic and economic depression, Envel’s mission to improve the financial health of its users is now more critical than ever before. A recent study by the Federal Reserve found that nearly half of all Americans couldn’t cover a $400 emergency expense without selling something or borrowing money. Envel aims to alleviate this problem with its unique patent-pending AI-powered “Envelope” system, which sorts a user’s paycheck on Autopilot into four different accounts – guilt-free daily or weekly Spending, Bills, Emergency funds, and the “Vault” (a long-term nest egg) – to dramatically improve their financial health and keep on the right path without considerable effort.
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