Medean

Financial planning for the next generationMillennials struggle to manage their finances, yet very few seek helpPersonal financial management is the greatest challenge facing millennials today. On average, they have over $27k in debt and a negative 2% savings rate. Managing your finances can be a confusing and often stressful process, thanks to the complexity of the financial world. As a result, most people don’t actively track their finances or set goals, making it hard for young millennials to understand how they are doing and what to improve. More than 70% are unsatisfied with their current financial situation yet less than 20% are engaged.Fintech works in silosFintech's response is to specialize by product or service; the offering is essential to the company, not the user.  Most solutions focus entirely on investment advice and fail to account for the entirety of a person’s situation and goals in life. The problem is they’re not helping you figure out if, instead of investing your money, you should use it to pay off debt or set it aside in a less risky savings account to buy a home in a few years. Medean brings everything togetherMedean is the all-in-one budgeting app and financial planner that brings all aspects of your finances together in a simple and intuitive way. We have developed relationships with multiple financial institutions, allowing users to link all their accounts in one place and see the entirety of their financial life so they can make more holistic decisions with their money. Medean creates a personalized Journey for each user depending on where they are in their life, whether they want to figure out how much money they should save each month or need advice on how to tackle their debt.  The Journey is built on a proven framework that increases in complexity as your financial health and literacy improves.

$2,500-$4,999: Swag bag and 12-months of Medean Plus subscription for free
$5,000-$9,999: Above and lifetime subscription of Medean Plus for free
$10,000-$24,999: Above and a 1-on-1 personal finance coaching session with a Medean team member
$25,000-49,999: Above and quarterly calls with the founders to discuss company updates and the state of the industry
$50k-$75k: Above plus an invitation to a private dinner with co-founders at one of the best restaurants in Chicago (Airfare and Dinner included)
$75k+: Above plus become an advisor to Medean (Upon proper vetting by the company)
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.

Customers save more than $250 in their first month using the app
Featured stories and mentioned in NBC News, Yahoo Finance, MSN Money, US News and World Report and named in Built-in-Chicago's top 50 startups to watch in 2019
Relationships with two fortune 500 banks, including a fintech partnership and a revenue-generating service agreement
Participated in two prominent Fintech Accelerators with BMO Harris Bank & CivicX (supported by Capital One)
Our product engagement is 2x+ greater than competitors: Customers use the app every 2.6 days on average

Payroll (non Tech), Payroll (Tech), Marketing, General & Admin

Erik Skjodt
CEO
Erik started his professional career working in data analytics and corporate finance at Simon Property Group, one of the largest mall owner in the world. He was actively involved in the startup community while pursuing his MBA at Kelley School of Business and working in investment banking. Erik played a key role in the formation of Clear Scholar, a student engagement platform that went on to raise $2M and was acquired in 2018. He then founded Medean in a new venture challenge, where his team won the competition and went on to raise an $850k seed round. Since its launch, Medean has served more than 10k individuals on their web and mobile products, saving customers an average of over $1200 per year.Outside of Medean, Erik spends time as a contributing writer and thought leader on personal finance and entrepreneurship, where his work and opinions have been published on major outlets such as Yahoo Finance, Forbes, and U.S. News. He is a member of Forbes Young Entrepreneurs Council (YEC), advises numerous local startups and entrepreneurs, and serves on two non-profit boards.

Matt Karazin
CTO
Matt is an accomplished software engineer and startup veteran. Before Medean, Matt helped develop and launch two other startups, Reveel and Spothero. At Reveel, Matt served as CTO and lead their engineering organization through three product launches in both local US and international markets. During the early stages of Spothero, Matt helped develop their initial MVP.Prior to becoming an entrepreneur, Matt worked in technology consulting advising large public sector organizations on their technology strategy. Matt holds a B.S. in Computer Science from Indiana University. He volunteers at The Difference Engine, a non-profit focused on helping non-traditional software developers launch their careers. Matt is an inventor on one patent in the field of mobile technology and geolocation.

Reed
Head of Marketing
Reed is a second-year MBA candidate at the University of Chicago Booth School of Business where he is concentrating in Marketing Management, Strategic Management and Entrepreneurship. He also serves as a co-chair of the Marketing Group and Epicurean Club, and is a recipient of the James M. Kilts Scholarship in Marketing as well as the Booth Ambassador Award. Prior to Booth, Reed spent four years at Microsoft Corporation, starting in their Finance Rotation Program and then serving as a Finance Manager for the Surface Revenue team responsible for the 1st-party stores business. He spent this summer interning at Accenture Strategy in their New York office working for a pharmaceutical client.

Round type: Seed Round size: US $1,000,000 Minimum investment: US $1,000 Target Minimum: US $400,000 Security Type: Crowd Note Conversion discount: 20.0% Valuation Cap: US $6,000,000 Interest rate: 5.0% Note term: 24 months Closing conditions: While Medean has set an overall target minimum of US $400,000 for the round, Medean must raise at least US $25,000 of that amount through the Regulation CF portion of their raise before being able to conduct a close on any investments below $20,000. For further information please refer to Medean's Form C. Transfer restrictions: Securities issued through Regulation CF have a one year restriction on transfer from the date of purchase (except to certain qualified parties as specified under Section 4(a)(6) of the Securities Act of 1933), after which they become freely transferable. While securities issued through Regulation D are similarly considered "restricted securities" and investors must hold their securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Raised to date: US $62,500 US $0 (under Reg CF only)