Summary
Are you tired of traditional banking and budgeting apps that lack community, fun and excitement?
Monesave is the first fintech app built with no outside investment. The app is fully owned by the founders and users . This sets Monesave apart from other fintech apps all owned by Venture capital and Private Equity firms. Those apps are forced to chase profits at the detriment of customers.
Monesave allows users save as a group and anonymously share their budgets for review. This innovative feature connects with like-minded individuals in a secure app to share their budgets, investment ideas, and receive encouragement along their financial journey. We are budget app that’s social built and owned by the fans.
Reasons to support Monesave
Led by a strong team of founders who have first hand experience on what has broken with banks and fintech today
- App development completed and launching to users on our waitlist on 20th March 2024
- Strong traction 5,000 followers across all social media and over 10,000 users on our waitlist & mailing list.
- Strong partnerships and contracts with industry leading, secure and regulated platforms across 15 countries
- Innovative idea and first fintech app to socialise Budgeting while working with regulated partners across EU and USA.
- A chance to be part of a great movement, a community of users ready to promote Budgeting and Savings (and stop glamorising debt!)
The Problem
We have problem with high level of debts in our society. People and indeed “financial gurus” today glamorise debts and Credit so much that it is no longer appealing to think about saving for a rainy day.
Apart from the lack of adequate financial literacy above, traditional banks and fintech apps today are lacking the social elements to encourage people to share financial responsibility as a group. We are all social creatures and gravitate towards social media.
People don’t save today or discuss budget because the environment and platform is simply not there today. There is nothing that that would allow one benchmark expenses compared to their peers.
The few fintech apps that have attempted to break through to customers have promptly shifted their attention to profitability and paying back investors. Thus becoming the problem they sought out to resolve.
The Solution from Monesave app
Monesave – A community of people passionate about savings and budgeting
At Monesave, we are not just another fintech app, we are on a mission to make Budgeting and Savings more fun and social. Users can create savings and Investment groups with like minded individuals.
With fun challenges, random cash rewards, Monesave gamifies the experience with a healthy dose of positive peer pressure. This will lead not just to virality as with social media today but this will promote a healthy savings and planning habit for our users.
We are social creatures therefore it is second nature to humans to share positive habits if given the platform.
Harnessing the Power of Fans and Users
While technologies and trends will come and go, there’s been one constant in Banking and Finance since the earliest days of society: the importance of the customers. It's the customer involvement (or lack thereof) that determines success or failure of any App or Bank.
At Monesave, we have avoided outside investment and debt till date. For the foreseeable future, we intend to only raise via crowd funding from our users or bring on investor who are really committed to our cause.
While all other fintechs are busy fighting to become banks, we are taking focused on becoming a true fintech platform that provides a community for our customers regardless of their location.
Anyone with a passion for budgeting and putting money aside for emergencies, should be able to do so together irrespective of their location.
Imagine Facebook for Savings and Budgeting. Monesave is fintech app allowing users connect around their finances with like minded users.
The potential risk with this and any other fintech app is as follows:
Regulatory risk: Monesave is a fintech app and we do not hold client money. So we rely on our Banking partners in Europe, USA and Asia. There is a risk that they could go banks could default. To avoid that, we are limiting customer funds held with various banks to the level covered by required Deposit Insurance (for Europe) and FDIC for USA users. That way, customers will always be compensated for all their money with no risk.
Operational Risks: As with any startup, we risk instability to the platform if we onboard too many users. This could block users funds with the processing parties thus leading to a negative impression of the app. This is a trend we have noticed with various startup apps. To avert this, we are maintaining a waitlist and have engaged with a full end to end operation team with round the clock coverage to allow us ramp up and down
Our Leadership
Patrick Enin, CEO & Founder:
Several years of experience in the Banking & Fintech sector. Patrick has been running his own consultancy business advising senior level bankers across UK, Ireland and Switzerland. Prominent clients include Bank of New York, Credit Suisse, UBS, Natwest, Julius Baer, Sandvik.
BSc in Finance UCD Ireland and attended MSc Software Engineering University of Oxford, UK.
Sanjay Sikdar, COO & Co-Founder:
Several years financial services experience across banks in the UK. Prominent Clients include Bank of New York, Deloitte, Credit Suisse, Barclays and Capco. Ex trader, finance business partner and Transformation consultant. MEng Engineering. MBA Imperial College (Fintech specialisation).
Supported by a team of equally passionate core team members across Ireland, UK and the USA.
Other Ways You Can Help:
If unable to contribute financially at this time, you can help us with our goal by:
- Helping us spread the word about our aim and mission to make Budgeting and Savings fun and social
- Follow us on social media
- Share this page on your social media
- And remember to plan and save yourselves!
Thanks for your time
Monesave is a fintech and not a Bank. Banking services are provided by our regulated partners.
