Fintech Changes Savings

Comparing alternative ways to save money


Digit

Location: San Francisco, CA
CEO: Ethan Bloch (Founder)
Capital Raised: $2.5 Million
Website: digit.co
Twitter: twitter.com/hellodigit

Digit is a simple product that moves your money into a savings account based on your spending habits. It separates itself from other similar services on the fact that it does not burden the consumer with information. When it comes to saving money, Digit has found that the consumer wants results without hassle.

Dyme

Location: San Francisco, CA
CEO: Joseph Prather
Capital Raised: Undisclosed
Website: dyme.co
Twitter: twitter.com/MyDyme

Dyme is similar to Digit in that it communicates with the consumer via SMS. It also saves as the consumer spends and has the transparency for the consumer to know what is going on.

Qapital

Location: New York, NY and Sweden
CEO: George Friedman
Capital Raised: $1.6 Million
Website: qapital.com
Twitter: twitter.com/qapitalapp

goal for savings and then visually work towards that goal. The service is directed to people who make purchases that are forgettable or impulsive. It wants to aid these consumers into saving for major goals. It was originally launched in Europe.

Acorns

Location: Newport Beach, CA
CEO: Walter Cruttenden
Capital Raised: $32 Million
Website: www.acorns.com
Twitter: twitter.com/acorns

Acorns is another investment service, but it differs from the above services because it saves money based on a “round-up” system. Each purchase results in savings of the change after the purchase is rounded up. These savings are put into an investment portfolio that can be adjusted by the user. Acorn makes money by charging a $1/month fee (free for students) and a small percentage of the investment portfolio.

Saved Plus

Location: Mountain View, CA
CEO: Nikita Brodsliy
Capital Raised: $250,000
Website: savedplus.com
Twitter: twitter.com/SavedPlus

SavedPlus is another service that saves automatically based on spending habits. The service adds on a little percentage to each purchase and automatically puts that savings in a new account.

California Fintech Network is a non-profit trade organization for professionals, founders, executives and investors that work in financial technology. Join us at www.californiafintech.org

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