Envel

Bank Smart, Bank Better, Bank Beautiful

Envel

Bank Smart, Bank Better, Bank Beautiful

Boston, MA
Financial Services
Software & Services
Envel uses the power of artificial intelligence to automate budgeting, savings, and soon investments in real-time.

$358,854

raised
$1,751,266
previously crowdfunded
191
Investors
$35M
Valuation
$2.84
Price per Share
$102.24
Min. Investment
Common
Shares Offered
Equity
Offering Type
$3.93M
Offering Max
Reg CF
Offering

$358,854

raised
$1,751,266
previously crowdfunded
191
Investors
$35M
Valuation
$2.84
Price per Share
$102.24
Min. Investment
Common
Shares Offered
Equity
Offering Type
$3.93M
Offering Max
Reg CF
Offering

Rewards

Get rewarded for investing more into Envel:

$102+
Investment
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$500+
Investment
Tier 1 Swag! - $500+
Envel Owner Card (US investors only)
$5,000+
Investment
Tier 2 Swag! - $5,000+
Envel Swag Bag (US investors only)
$50,000+
Investment
$50,000+ Bonus
Receive 5% bonus shares when you invest $50,000
$50,000+
Investment
Tier 3 Swag - $50,000+
Custom Large Scale Debit card (All investors are eligible)
$100,000+
Investment
$100,000+ Bonus
Receive 10% bonus shares when you invest $100,000

Reasons to Invest

AI-powered banking app with patent-pending autopilot to automate saving, budgeting, and investments.
Envel is targeting a $50+ billion market, approximately 63 million underserved, primarily between the ages of 18 and 35.
15,000+ users, launched Q1 2021, community-led, founded at Harvard, pre-seed funding from MIT Sandbox program.

Overview


Envel is pushing the Envelope on banking services 


Envel is a Harvard-founded financial technology company that leverages AI and behavioral science to optimize people’s finances in real-time and automate their budgeting, savings, and investments. Funded by the MIT Sandbox Program, angel investors, and crowdfunding, we are on a mission to make banking and investing easier and more simple for tens of millions of people. 


The bank account as we all know it has remained unchanged for decades, and is a little well, manual and unhelpful, so Envel has reinvented banking from the ground up to give you many of the features you’ve always wanted and finally make it work hard for you!


Save and budget on Autopilot 


We've built a one-stop Autonomous banking app with Autopilot to organize your money automatically for you with little effort, no calculators, no spreadsheet, it just works.. powered by our patent-pending AI. All built upon an Envelope system so you can organize your money in up to 99 FDIC insured Envel bank accounts (FDIC insurance is through nbkc bank, Member FDIC) we call Envelopes, which you can create in seconds.


We believe that the consumer banking system is broken and no longer focuses on serving its customers' financial health. Traditional banks profit from charging lots of fees and 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. 


We have engineered some incredible patent-pending features never seen before in banking to help you become financially fit and achieve your financial goals and dreams.   





Our impressive board and team of data scientists, technologists, and bankers aim to revolutionize digital banking using artificial intelligence, behavioral science and a unique approach to community engagement, user experience, partnerships and design. 


Fractional Investments on Autopilot


Over 55% of Americans want to invest but aren’t taking the first simple step to grow their wealth by saving properly and investing. 


Launching soon, we’re utilizing our automation to buy stocks for you automatically from your favorite brands without the hassle!




We Have Protected Our Unique IP 


From our inception we have been working closely with MIT and leading patent experts to ensure we protect our unique IP, the "Envel Magic" that makes our autonomous banking possible. Our patent-pending technology covers 153 countries under invention "System and Method for Autonomous, Intelligent, and Tunable Compartmentalization of Monetary Transactions" US20210073909A1. We will continue to disrupt and innovate traditional banking and payments to make banking better for you and we will continue to protect and patent our unique IP!






With this raise, we are working toward launching customer acquisition and marketing, rolling out 3 new products and services, enhancing our AI data science capabilities, onboarding new product partners, and expanding our tech, compliance, and operations teams.



THE problem



The majority of Americans do not have the time, skills or discipline to manage their money properly, and struggle with budgeting, saving, and investing


Did you know that a staggering 63% of employees in the United States are living paycheck to paycheck? In addition, 84% of Millennials are not financially literate. People need help budgeting, saving, and building their wealth, and that’s where Envel comes in.  




We understand that budgeting takes discipline and banks don’t help, which is why Envel provides real-time financial guidance so that you can take back time and live your life! 

The Market



Digital banking is a fast-growing multibillion-dollar market


Digital banks are growing rapidly in the United States, taking a share of primary customers from traditional banks. Envel is looking at a +$50 billion market opportunity, made up of about 63 million underserved adults, between the ages of 18 and 35. 




Envel is uniquely designed to solve and automate the budgeting, money management, savings, and wealth creation challenges faced by most people. We partner with our bank of record, which is where our users’ funds are held, and unlike other banks, we do not charge any monthly fees or service fees, nor do we require a minimum amount in order to use our services. Setting up an account with us is fast and easy, and puts our users on the path to an easier, more efficient banking experience!


(SourceSource)

The Solution


Autonomous banking that does all the heavy lifting for you


Envel’s patent-pending, autonomous banking app has an Autopilot function that organizes and automates users’ money, budgets, and savings. Our digital envelope system uses artificial intelligence to understand people’s individual behaviors, needs, and goals and creates a personalized budget to guide their daily, weekly, or monthly spending habits. Envel reviews users’ spending patterns and organizes their money (FDIC insurance is through nbkc bank, Member FDIC) accounts. We allow our users to calibrate their settings, so they can spend more or less money when they want to.  




Say goodbye to overspending. Envel's real-time machine learning tracks, flags and alerts you if recurring transactions are projected to be too high relative to your income. 






Unlike traditional banks that often charge consumers lots of hidden fees, we make most our of money from “interchange”, or fees that vendors or merchants pay when they take payments via credit or debit cards. We also earn interest income from  deposits with our banking partners. We will charge for expedited services and added value services. Envel is also about to launch its premium service which will include additional custom card options, priority customer service, and expedited shipping and transactions.  We also plan to charge a monthly subscription fee for our fractional investments and crypto products.  


our traction


Envel has an established strong base of enthusiastic users! 


Many of our users are active on the Envel Community Forums as well as public community forums such as Discord and Reddit. The Envel team has regular meetings and daily discussions with all of these users in order to obtain their feedback and improve the app. 




In October of 2020, our first live beta mobile application appeared in app stores and we were openly marketed in January of 2021. This past summer, the total cash of our users exceeded $2 million and over 12,000 confirmed users. Additionally, our Envel Referral Program has shown great success in testing, which will drive huge user growth at very low costs. We have a high app store rating (above 4.5) including many 5 star ratings and positive reviews from our users!   




Our investors raised $6 million through September of 2021 and we have received media attention from Bloomberg, Yahoo! Finance, Nasdaq, The Harvard Crimson, Fintech Futures, Digital Journal and many others. 



  

why invest


With a world-class team, Envel has already achieved major traction since its recent inception--but this is only just the beginning!

Our 5-year goal is to revolutionize the banking space. We expect to take a large share of the Gen Z, Millennial and middle markets and gather a significant share of the under-banked within the US and eventually, around the world. Envel has plans to launch a number of significant innovative features in 2022 and 2023, to create a full financial ecosystem which will expedite user acceptance and growth.     

With some of the world’s best engineers and banking experts working night and day to achieve these goals, Envel is confident in its ability to succeed. With very little marketing we have over 12,000 active users since going live this year, and are very excited to see how our user numbers grow when we fully launch our referral program and accelerate our digital marketing, positioning us to become a highly regarded  banking app and an innovation leader in the space. We see a bright future for digital banking and believe that we will be able to help millions of users improve their financial fitness. We hope you’ll join us and be a part of our journey, both as an investor and as a user of our services.


Envel Owner Card Perk


For all U.S. investors, invest a minimum of $500 in Envel and once you've downloaded the Envel app and upon opening an Envel account, you'll be issued our standard Envel teal blue debit card*. Once the StartEngine funding round has closed, we'll ship your unique "Owner" card to you, free of charge.  






In the Press

Envel Raises $2M Crowdfunding Bringing Total Seed to $4.75M

Write a summary of the article here, or the first 1-3 sentences of the article.

Envel Announces World’s First AI-Powered Bank Offering Driverless Banking(TM)

Write a summary of the article here, or the first 1-3 sentences of the article.

Envel, U.S. Digital Banking Challenger, Goes Live in Appstores

Write a summary of the article here, or the first 1-3 sentences of the article.

NASDAQ

7 Equity Crowdfunding Offerings to Buy This Week

Bloomberg

U.S. Banking Challenger Envel Raises $2.7M Seed to launch first Autonomous Bank Account

Offering Summary


Company

:

Envel, Inc.

Corporate Address

:

75 State Street, Suite 100, Boston, MA 02109

Offering Minimum

:

$9,999.64

Offering Maximum

:

$3,930,043.12

Minimum Investment Amount

(per investor)

:

$102.24











Terms


Offering Type

:

Equity

Security Name

:

Nonvoting Common Stock

Minimum Number of Shares Offered

:

3,521

Maximum Number of Shares Offered

:

1,383,818

Price per Share

:

$2.84

Pre-Money Valuation

:

$35,040,323.28











*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.

Company Perks*

Special Fund Bonus Shares 

First 24 hours - Special Fund Bonus - 250% bonus shares for an investment of at least $149,997

Early Bird Bonus Shares

Next 72 hours - Friends and Family - 15% bonus shares

Next 72 hours - Super Early Bird Bonus - 10% bonus shares

Next 7 days - Early Bird Bonus | 5% bonus shares

Volume Bonus Shares

$50,000+ 5% bonus shares

$100,000+ 10% bonus shares

Envel Swag 

Tier 1 perk - ($500 investment) - Envel Owner Card (US investors Only)

Tier 2 perk - ($5,000 investment) - Envel Swag Bag (US investors Only)

Tier 3 perk - ($50,000 investment) - Custom Large Scale Debit card (All Investors are eligible)

*All perks occur when the offering is completed.

The 10% StartEngine Owners' Bonus

Envel will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.

This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Nonvoting Common Stock at $2.84 / share, you will receive 110 shares, meaning you'll own 110 shares for $284. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid during the investors' eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are cancelled or fail.

Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.

Irregular Use of Proceeds

The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments. Any expense labeled “Travel and Entertainment”. Salary payments made to one’s self, a friend or relative.

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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$596,166.00 USD
$432,813.00 USD
Cash And Cash Equivalents
$541,790.00 USD
$422,967.00 USD
Accounts Receivable
$0.00 USD
$0.00 USD
Short Term Debt
$1,203,067.00 USD
$0.00 USD
Long Term Debt
$2,086,511.00 USD
$910,542.00 USD
Revenues And Sales
$113.00 USD
$0.00 USD
Costs Of Goods Sold
$447,645.00 USD
$128,565.00 USD
Taxes Paid
$0.00 USD
$0.00 USD
Net Income
-$2,132,655.00 USD
-$653,161.00 USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

Envel’s App Store performance skyrockets over the course of the past few weeks

4 days ago

Along with Envel’s recent unprecedented user growth, performance and ranking on both Apple and Google App Stores has drastically improved over the course of the last few weeks. Envel has increased installs on the Google Play Store by 500% since October 11th, and recently achieved a ranking of 135 on the Apple App Store, topping major competitors such as Revolut US, Nerd Wallet, and Santander Bank US. Envel plans to use this momentum to continue to prioritize App Store Optimization, closely monitoring competitor performance and keywords to maximize performance.

 

Envel's Confirmed User Base Grows to over 17,000 thanks to refer a friend testing!

10 days ago

Envel has done two successful tests of its referral program. While both tests were only active for a few days, the results are extremely encouraging. Envel was able to add over 3,000 confirmed users in one week with a customer acquisition costs of just $10 per users. While we continue to review these users’ activity, these promising results show great growth potential.

Show More Updates End of Updates

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