The Envel offering is now closed and is no longer accepting investments.

Envel

Banking on Autopilot

Envel

Banking on Autopilot

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

$578,501

raised
$1,751,266
previously crowdfunded
415
Investors
$35M
Valuation
$2.84
Price per Share
$102.24
Min. Investment
Common
Shares Offered
Equity
Offering Type
$3.93M
Offering Max
0
Days Left

$578,501

raised
$1,751,266
previously crowdfunded
415
Investors
$35M
Valuation
$2.84
Price per Share
$102.24
Min. Investment
Common
Shares Offered
Equity
Offering Type
$3.93M
Offering Max
0
Days Left
This offering ended on December 18, 2021 and is no longer accepting investments.

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.
25,000+ 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 25,000 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.

Show More
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

Join our Investor Community: Only 1 days Left to Invest!

8 months ago

 Becoming an investor in Envel is about more than just money: our team highly values the ability to collaborate with investors to help refine our product and carry out our mission. We actively engage with our investors on our Community Forum and Discord channels, and have also hosted focus groups and one-on-one meetings to obtain direct investor feedback. As an Owner, if you’d like to play a more active role in our development, the doors are wide open!


Envel Educates Users with Financial Literacy Blog: Only 2 Days Left to Invest!

8 months ago

In addition to providing automated budgeting and saving services, Envel seeks to educate users about personal finance topics through their blog. Covering topics from student loans to interest rates to how to start saving for a car, the blog aligns perfectly with Envel’s mission of increasing financial literacy and health. Any topics you’d like to see us cover? Let us know in the comments! https://www.envel.ai/blog

 

Only 3 Days Left to Invest in the Startup Seeking to Automate all Aspects of Personal Finance

8 months ago

Act now before its too late: this is your last week to invest in Envel, the rapidly growing FinTech startup using patent-pending AI technology to automate all aspects of personal finance that most consumers lack the time, effort, or knowledge to do for themselves. Envel’s current platform offers users autonomous budgeting and saving services as a freemium model, with a sleek user interface that customers consistently applaud. The company plans to integrated automated fractional investments, blockchain technology, and a cryptocurrency trading platform within the next year. Their acceptance into Mastercard's Start Path Crypto program will help facilitate and accelerate these developments. Envel is getting in on all of the top rising trends in Fintech: don’t miss out on your chance to be a part of their exciting growth!

Envel launches Fire Orange Fluorescent Debit Cards: only 4 days left to invest!

8 months ago

The Envel team is off to a sizzling hot start this week with the launch of their new Fire Orange Fluorescent Debit Cards! Not only will these fiery, fluorescent, fabulously flamboyant cards stand out amongst wallets full of many mundane, monotonous, monochrome cards, but they even glow in the dark! Just like the Envel’s autonomous budgeting and saving will light the way to users’ financial health, our Fire Orange Fluorecent Debit Cards will light your way in a dark room or hallway. Now available to all new users: get your’s today! 



Envel Team Lazer Focused on Operation Trust: Only 7 Days Left to Invest!

8 months ago

In parallel with many exciting new features in development, the Envel team also focused on perfecting core functionalities related to AI and money movement within the app. The mission of ‘Operation Trust’ is simple, yet crucial: to gain the full, uncontested trust of users surrounding the movement of their funds within the app. For example, this involves giving users transparency into how the AI splits their money into different envelopes, as well as why. In addition to a host of bug fixes, Operation Trust has involved many UI enhancements, including visual animations to show funds being distributed by the AI across multiple envelopes. Envel’s active user community has praised these improvements, and the team remains firmly committed to maintaining user trust as we continue to grow as an organization! 

Top 5 Reasons to Invest in Envel Today: Only 9 Days left to Invest!

8 months ago
  1. With our patent-pending AI technology, we are one of the first banking apps leveraging the power of artificial intelligence to automate money management and reduce the financial burden felt by so many Americans
  2. The digital bank industry is booming in the US as more and more Americans search for alternatives to traditional banking, expected to reach a market share of 25% by 2022.
  3. Envel has demonstrated immense potential for rapid user growth, gaining nearly 10,000 users in a month with the launch of our promotional campaign. Your investment will enable additional campaigns and exponential user growth.
  4. We are a mission-driven company committed to solving a widespread and extensive problem: 74% of US employees are living paycheck-to-paycheck and have no savings
  5. Automated budgeting is just the beginning: we are working on an automated fractional investment platform, and plan to eventually expand into other areas of fintech such as cryptocurrencies and loans. We ultimately want to animate all aspects of personal finances for users that may lack the time, effort, or knowledge to handle themselves!

11 days left to invest in Envel!

8 months ago

There are only 11 days left to become an owner of Envel. Join 2000+ crowdfunding investors who’ve helped us raise over $2M, all eager to reinvent banking from the ground up using the power of artificial intelligence. This has been a record-breaking year for Envel’s growth - don’t miss out on your chance to be a part of it!

Envel Now Exceeds 25,000 Confirmed Users!

9 months ago

Notice of Funds Disbursement

9 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Envel has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Envel be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Envel Crowdfunding Closing Early

9 months ago

Envel has just adjusted the end date for this crowdfunding campaign. The campaign will now have a new closing date of December 17, 2021We will continue to accept commitments until then and investors who have made commitments will have up to 48 hours before the new deadline to cancel their commitments. This is due to a greater than expected growth in users through its referral program as well as new additional capital opportunities. We appreciate the continue confidence and are very excited about the future

SalesBread Ranks Envel #1 on its Fastest Growing Fintechs

9 months ago

Envel Experiences Unprecedented User Growth in October

10 months ago

October has been a very exciting month for the Envel team! In addition to reuniting in-person for a week-long intensive hackathon, Envel has nearly double its user base since August 2021, marking unprecedented user growth. The team has been experimenting with a number of different user acquisition strategies, and plans to use this momentum to continue expanding their user base through the end of 2021 and going into 2022.

Notice of Funds Disbursement

10 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Envel has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Envel be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Envel Team Reunites in Person for Productive Hackathon

10 months ago

The Envel team was thrilled to be reunited in person for the first time in since the COVID pandemic over the past week and a half! We’ve had an extremely constructive week-long hackathon were we could focus on major projects in small teams and get work done quickly and efficiently. We are confident that these initiatives will be game-changers for our app and for the larger fintech space. Here’s a sample of some of the projects we made significant progress on:

  • Stabilizing our systems and preparing for exponential scaling as seen in the two test runs we’ve launched with our referral program
  • Solidifying and upgrading our security systems 
  • Several initiatives to further refine our user experience throughout the app 
  • Joint accounts
  • Envel Wall Street: our upcoming fractional investment platform


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

10 months 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 months 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.

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