Credit Union Fintech: Envel
Envel seeks to help people practice healthy spending and saving habits with a mobile bank app. The service works to curtail reckless spending by building daily and weekly budgets based on a person’s financial situation.
Envel has a very strong social mission that aligns with the philosophy of credit unions and community banks. They want to help their members consolidate their finances and regain control. Envel licenses its technology to financial partners who share their mission.
Sometimes people who spend too much money need limits—a hard stop. While the app automatically creates a monthly budget, one of its stricter controls can actually cut off access to funds for a short period of time. Founder Dimitri Artamonov claims that the dream scenario is to be in a shoe store with a $500 pair of boots, getting their card declined, and feeling embarrassed in front of the entire line. “That’s the kind of emotional support people need,” he says.
If this sounds like an intriguing credit union–fintech partnership, check out the video and company snapshot below!
Top 3 Problems Solved
- Curtailing spending with a hard stop
Envel Co-Founder: Dimitri Artamonov
Envel Market Strategy
Credit unions and community banks.
Credit Union Fintech: Envel in the News
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.