People Finance

Fraud, Waste, and Abuse by financial institutions have led to an erosion of trust among their customers in recent years. Customer of banks, fintech companies, and crypto companies have all been affected by these issues.

The unchecked risk practices of FinTech and Crypto banking products can put customers' deposits at risk. Companies often do not hold funds in FDIC-insured accounts, leaving customers vulnerable to the volatility of the assets in which their deposits are invested. This practice can lead to liquidity crunches and runs on deposits, leaving customers without access to their own funds. Customers often mistakenly believe that their deposits are safe when, in reality, they are exposed to significant risk.

People Finance is a Financial Technology company that is dedicated to providing customers with the best rates on banking products, while also ensuring full transparency and open access of customer funds. Our products give our members peace of mind and trust in our services by offering 24/7 access and complete visibility into the accounts holding our customers' funds, with no exposure to volatility. We believe in building products that are not just about the best rates, but also about the security, transparency, and accessibility of the member's funds. Our goal is to create a transparent and reliable banking experience for our members.

Our flagship product, a 6% High-Yield Savings Account, offers customers the opportunity to earn a competitive interest rate on their savings, while simultaneously granting liquidity if so needed. The interest rate for this account is based on a combination of factors, including; the Current Federal Funds Rate, short-duration treasuries, and revenues generated from other banking and investment products offered by our company.

We ensure that all of our customers' funds are FDIC insured, providing an additional layer of security and peace of mind. With our flagship product, our customers can enjoy a high-yield savings experience while knowing that their funds are protected and backed by the Federal Deposit Insurance Corporation. We are committed to providing customers with a safe and secure banking experience, while also offering them the opportunity to earn a competitive interest rate on their savings.

Why we believe in a member-owned model:

Our goal is to have 25,000 member-owners for several reasons.

First, it aligns the interests of the company and its users. When the company grows, the member's stake grows with it. As member-owners, users have a vested interest in the success of the company and will be more likely to use and promote its products and services. This mutual benefit leads to increased customer loyalty and retention.

Second, the member-owner relationship can create a sense of community and belonging amongst users. Specifically in the People Finance community, we hold regular live AMA (Ask Me Anything) events, and hold chat space in which the community actively converses about the future of the company. Being this type of member-owner gives users a sense of ownership and responsibility for the company, fostering a sense of community among fellow members who share a common interest in all of our mutual success.

Third, creating an active member-owner partnership by hosting a member-only advisory board increases the company's visibility and breeds trust in the people who use our platform. Actively represented members are more likely to share their positive experiences with others, leading to increased brand awareness and a trustworthy reputation.

Having a strong customer base, fostering a sense of community, increasing visibility, instilling trust, and raising capital for the growth of the company are all important for the overall success of People Finance. A loyal and engaged member base leads us to increased revenue and profitability, while a positive reputation can attract new customers and business partners. Building a sense of community among members will also increase customer retention and loyalty. Lastly, raising capital through member-ownership can provide the company with the necessary funds to invest in growth and expansion. Overall, having a goal of 25,000 member-owners is crucial for the long-term sustainability and success of the company.

The total addressable market for our product/service is 98% of Americans who have a demand deposit account, which is approximately 200 million people. Our target market penetration is 1%, which translates to approximately 2 million accounts. This represents a significant opportunity for growth and expansion in the demand deposit and high-yield savings account market.

Our current user base stands at 1,000 individuals, who are part of our limited beta testing phase. Additionally, we have a waitlist of 12,000+ individuals who are interested in our high-yield savings accounts. Notably, we have not spent any money on marketing yet, which is why these numbers represent a strong indication of customer demand for our product

Important Disclosure and Clarifications:

“Since our last raise on Wefunder, we have built a trading platform from the ground up and have deployed the People Finance Beta App in both iOS and Web platforms”.

At People Finance, transparency with our users and investors is our #1 core tenant. In that spirit, let us explain exactly what we are:

People Finance is a FinTech platform that partners with financial institutions to bring personalized products to our customers. Therefore, we are not a bank or investment platform.

People Finance is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust, Member FDIC. The People Visa Debit Card is issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

People Finance is a financial technology company, not a broker-dealer. Brokerage services are provided by Alpaca Securities LLC ("Alpaca"), member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc. This is not an offer, solicitation of an offer, or advice to buy or sell securities, or open a brokerage account in any jurisdiction where Alpaca is not registered (Alpaca is registered only in the United States).

Cryptocurrency services are made available by Alpaca Crypto LLC ("Alpaca Crypto"), a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC.