Question 1

Hi. When are you launching? Once you do, what are your revenue goals for the first 5 years?

Accepted Answer

We just launched, we got in the app store on 10/31, however did our public announcement on 11/23. We are starting several marketing campaigns this week. Over the next five years, our revenue goals have us exceeding $40M in revenue annually.

Question 2

Hello, Is this banking service available only US citizens or can anyone in the world open an account? And why a red debit card when a black debit card would seem far more enticing to potential investors considering a black debit card is far more rarer than a red one?

Accepted Answer

Hello Steven, Anyone over the age of 18 years old with a valid U.S. SSN can open an Envel account. All our cards will be fluorescent red (literally hurting your eyes), which we believe is a bit less boring than a black card. What makes it rare is the word "Owner" on the card, which you can only get if you invest more than $250.

Question 3

How do you compare with a lot of Neo Banks worldwide and some of them have already launched in the USA? Some of them i have heard are N26, Revolut, Arival, Arrival, Klarna, Monzo. How can you compete with all the Fintech giants like Stripe, Paypal, Plaid, Klarna etc.

Accepted Answer

A number of Fintechs and new digital Banks in the US and internationally compete with Envel. We admire many of the disruptive innovations that they have developed to improve the user experience, reduce the cost, improve the speed of payments and deliver outstanding banking, payments and wealth management solutions. Envel differs from these competitors in that it is uniquely set up to solve the budgeting, money management, savings and wealth creation challenges faced by most people using artif...

Question 4

Hello Team I Just invested! Come join my podcast! It will be awesome!

Accepted Answer

Great thank you Raymond, love podcasts, let's connect!

Question 5

Being that you just launched, can you give a number of people that have signed up since your launch? Did you have a beta prior to your launch? Did you have a waitlist? Please dive into the numbers as much as you are allowed. Thank you.

Accepted Answer

Jeremy, great questions. We've predominantly been serving users of our initial 4,000 waitlist, our networks, now this campaign and next step is to power up online advertising campaigns. It's been an exciting period with great engagement and support. Prior to launch we ran alpha and beta trials with selected users on our waitlist and students from harvard and MIT over 6 months to refine app experience and stress test our AI and core banking systems. We initially tested our methodologies and ma...

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