What they do:

Envel is a Harvard-founded financial technology company that leverages AI and behavioural 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.

Why we invested:

Envel Technologies Inc “Envel Bank” is a challenger bank positioned as the world’s smartest bank, leveraging AI to automate budgeting, investments and savings for millennials and young professionals.

The company empowers their clients to make better financial decisions. As demonstrated by several studies of the workforce in the US, up to 70% of the population lives pay-check to pay-check and does not have the appropriate guidance with respect to financial literacy to make best financial decisions.

The key product offering is a banking application, which has key features like automated budgeting, savings, investments on top of the basic services of a digital bank.

The Founder:

Steve Le Roux is the Founder of Envel

No longer active:

Envel has ceased to trade and is no longer operational.