Meet Seashell: Restoring the flow of money back into your pocket
Hi there 👋 , we’re excited to come out of our shell and share with you the story of Seashell.
Before we introduce ourselves, let’s jump back thousands of years to explore the origin of money, highlight some critical issues about today’s financial world, and share why we’re building Seashell to be the smart and simple solution that you’ve been waiting for.
How it all started
Back in ancient times, seashells were used as one of the earliest forms of money, predating the use of metals like gold and silver as currency (fun fact, the Chinese character for money is shaped like a seashell 貝). Seashells worked well because they were convenient to carry and unable to be replicated–consumers could trade with seashells instead of needing to lug around crops or livestock.
Over the years, the dominant form of currency later evolved from seashells to metal coins to paper bills–and today, it’s making the shift from electronic records to digital tokens, enabling the flow of money to continue on nights, weekends, and holidays. At Seashell, we’re excited about building the next evolution of money, but we know that we can’t just rebuild the same inequitable system that we have today.
If you pop open the hood of traditional banks, you’ll discover that they make two-thirds of their fee revenue from overdraft fees and other “insufficient funds” penalties [source]. These penalties are a crucial source of revenue for the multi-trillion dollar industry, but unfortunately, they are the opposite of consumer-friendly. Naturally, banks are preying on the customers with less money in their accounts–the dirty truth is that these vulnerable customers have become a core revenue source for banks.
Another way that banks make revenue is by taking your cash deposits and loaning them out for interest. That’s not necessarily a bad thing–they’re putting your idle money to work and giving you interest in return. However, the fundamental problem with this system is that you’re hardly getting any interest from your cash deposit. Nationally, the average interest rate for saving accounts is 0.06% [source]. That’s over 100x lower than the rising prices of goods, which was 7.0% in 2021 [source]. Unfortunately, it seems that your “savings” account isn’t quite saving you anything–due to rising prices, your money can’t buy as much as it used to.
Introducing Seashell Save
That’s where Seashell comes in: we’re reimagining a better flow of money back into your pocket. We’re dedicated to building a consumer-first, modern banking and investment experience to simplify smart money management. Our investment product, Seashell Save, is a mobile app that offers up to 10% interest on your cash, making it the smarter solution to save, grow, and use your money.
Today, we’re proud to announce the first step in our journey. We’ve completed a $6M seed round co-led by Khosla Ventures and Kindred Ventures, and also included Robinhood’s CEO Vlad Tenev, Shark Tank’s Mark Cuban, unicorn investor Elad Gil, former CFTC Chairman J. Christopher Giancarlo, Coinbase Ventures, and founders of Web3 projects including Terra, Solana, Avalanche, and Polygon.
Seashell Save vs. your bank
Seashell Save is different from a traditional bank in a couple of ways.
Firstly, we move your cash into a diversified strategy, partially investing into safe haven assets like gold and partially investing into dollar-pegged digital assets that can be loaned out at much higher rates than what banks can offer. These dollar-pegged digital assets are still valued at $1, but they’re in high demand, meaning the borrower is willing to pay a higher interest rate that flows back to you.
Secondly, Seashell does not have any physical retail locations, so we’re able to save on costs and pass on additional returns to our users. We believe that the key to building trust and a long term partnership is aligned incentives–the more money that Seashell Save puts back into your pocket, the longer you’ll stay a Seashell user.
Let’s Raise the Tide together
Be a part of the first wave, and join our waitlist today! We’ve put our money where our mouth is–each person who signs up will receive a $10 signup bonus. Don’t worry, even while you’re on the waitlist, your $10 bonus will be earning interest and waiting for you in the Seashell app. Time is money, so hurry up and get started.
The future of finance involves you, and we’re excited to be embarking on this journey together.
- Daryl Hok, Founder & CEO 🐚
Seashell is reimagining a better flow of money using modern technology to build consumer-friendly products. With Seashell Save, users can earn up to 10% interest on their cash, earning meaningful returns that can outpace the rising prices from inflation. Seashell Save prioritizes simplicity and convenience for the everyday user. To learn more about Seashell, visit seashell.com or follow us at @getSeashell.