Envel (1)

Building the World’s Smartest Bank Account

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Security Type
Convertible Note
Categories
Retail, Technology, Financial Services
Min Investment
$100
Location
BOSTON, MA
Offering Date
November 23, 2020
Expected Close Date
December 17, 2021
Target Raise
$10.00K-$3.93M
No. Investors
198
Security Price
$2.84
Deal Notes

Interest: 5%

Discount: 20%

Valuation
$25,000,000
Website
envel.ai
Number of Employees
28
Cash
$541,790
Revenue
$113
Short Term Debt
$1,203,067
Cost of Goods
$447,645
Long Term Debt
$2,086,511
Net Income
$-2,132,655

Company Description

We believe Envel is one of the world’s first Fintech to focus entirely on building autonomous banking, where we do all the heavy lifting for you to manage your money, so that you can relax and enjoy your life! Envel is a digital banking application that partners with our bank of record which hold your funds, FDIC insured, safe and super secure. Our objective is to improve the financial health of over 50 million people so that that we can help them achieve their goals. We hope to attract a large market share of the Gen Z and Millennial market and gather a significant share of the under banked in the US and select markets around the world. These projections cannot be guaranteed.Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.

Perks

Invest $250+ for Invest the minimum of $250 to receive a limited edition Envel “Owner” Debit card once you’ve opened an account with us. Our cards will be fluorescent red and they will be printed with “Owner", showing people that you were a supporter from the very start.
Invest $250+ for Invest the minimum of $250 to receive a limited edition Envel “Owner” Debit card once you’ve opened an account with us. Our cards will be fluorescent red and they will be printed with “Owner", showing people that you were a supporter from the very start.

Key Deal Facts

Envel has reinvented banking for a new generation of consumers
Raised $2.7M from MIT Sandbox and Angel Investors
Envel is powered by Patent-pending autonomous banking tech
74% of US employees are living paycheck-to-paycheck, Envel is on a mission to solve this problem
We’ve built a unique banking app that uses Artificial Intelligence to optimize your money
Strong team from Harvard, MIT, Barclays, Circle, Wells Fargo, JP Morgan & PayPal
Exciting 12 month roll out of new features to disrupt consumer banking

Use of Proceeds

$50,000

  • 50% Banking Partners, Operations & Technology Partners
  • 42.5% Development & Data Science
  • 7.5% Wefunder Fee

$1,070,000

  • 33% Banking Partners, Operations & Technology Partners
  • 22.5% Development & Data Science
  • 15% Compliance & Fraud Prevention & Licenses
  • 13% Marketing & Customer Acquisition
  • 9% General & Administrative
  • 7.5% Wefunder Fee

Management Team / Advisory Board Bios

Steve Le Roux
Founder & CEO
Steve is a visionary, innovator and FinTech/Tech Entrepreneur with 2 exits and has been successful leading game changing innovation within Government, financial Services, NGOs and FTSE 100 companies.

Craig Bond
President
Former CEO of large international banks (Barclays Africa and Absa Retail and Business Bank, Standard Bank Africa and Standard Bank China) and an impressive career running large Visa, Mastercard and American Express businesses.

Alwyn Van Wyk
SVP, Product and Engineering
Alwyn has more than 20 years experience as a Systems Analyst, Project Manager, Scrum Master, Agile Evangelist, Solutions Architect, and Head of a Software Development office focused on Mobile development.

Diederik Meeuwis
Co-founder & SVP Operations
BA Law at Leiden University, Masters in International Business Administration at TIAS Business School. Former Management Trainee at FTSE 100 company before deciding things needed to change.

Matthew Armandi
Chief Financial Officer
Matt was the CFO of Predictit, one of only 2 exchanges allowed by the CFTC in the US offering binary options on political outcomes, when it launched in 2014 and oversaw its growth through 2018. Matt is a CPA and with a BS in Accounting and MIS.

John DiThomas
Chief Compliance Officer
Chief Compliance Officer with over 20 years in financial services including PayPal, Santander and Circle Internet Financial. He's managed compliance programs in large banks, fintechs and in cryptocurrency. CAMS, CRCM and CCEP certified.

Brian Higdon
Director, AML and RIA Compliance
Cum Laude Graduate from George Town, worked at companies such as Wells Fargo, Deloitte and JP Morgan Chase as well as extensive experience in financial crimes compliance in the cryptocurrency space. Brian is CAMS certified.

Jacqueline Epstein
Community and Research Manager
BA in Human Evolutionary Biology cum laude from Harvard College, 4 year varsity lightweight rower

Matina Dimitriadou
SVP, User Experience and Design


Gabor Szanto
SVP, Mobile Engineering


Hugo Ávila
Senior Software Engineer


Michael Pretorius
Web Developer and Software Engineer


Luke Petzer
Developer and Software Engineer


Shenine Botes
Senior Data Scientist


Pierre Baard
Data Scientist


Anuhya Challagundla
Community Engagement and Marketing


Behulum Wude
Support Specialist

Deal Notes

Interest: 5%

Discount: 20%

Amount Raised : $218,417
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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