Hey Gen X, do you use an assistant on your mobile phone??? How about an assistant to assist you on your wealth!!! Astonished!! Here we present you with a piece of good news that will help you to lead your life with ease.
- Empower Finance has backed $20 Million USD Series A funding from new investors.
- Funding would fuel the growth of the App with new features considering the requirements of this generation.
- The features would help the millennials to save more for a better future.
A 2017 startup, San Francisco based startup, Empower Finance has announced $20 Million USD funding in series. The financing was participated by new investors Icon Ventures, Defy Ventures, and David Velez, founder & CEO of Nubank. Existing investors Sequoia Capital and Initialized Capital too annexed themselves with this round.
A while back in 2017, Warren Hogarth established Empower Finance in virtue to provide simple solutions to substantial problems. Now Empower consists of 35 employees serving more than 600000 people. So why are millennials getting attract to this App?
The answer is simple, this App is the blend of Artificial Intelligence with human coaching where in actual human financial planners guide them to compute their expenses and manage their wealth.
Talking about Empower, Co-Founder and CEO Warren Hogarth said,
“Empower is democratizing access to financial experts and products that used to be available to only the top 1% wealthiest people.”
Moreover, He believes that to procure better outcomes action needs to be taken on the front foot for the growing demand for practical financial knowledge.
He added,” We combine human coaching with the latest technology, including AI, to continuously monitor our customers’ accounts and provide intelligent alerts, prompts and analyses to improve their financial decision-making at the moment and build financial literacy.”
Additionally, Products features are perform dead simple to save more & grow wealth.
No doubt, there is immense competition in the digital bank sector which constitutes only 3% of the overall market, what leads them to stand out in the crowd is accounts with high interest, 1.60% APY with no minimums, no overdraft, and unlimited withdrawals. This leads to the growth of digital banks as low fees than traditional banks.
“Today’s generation needs and wants more from their bank,” said Tom Mawhinney, General Partner at Icon Ventures. “Most challenger banks are trying to tackle small parts of a more significant problem, like minimising fees or early direct deposit or improving the design. Empower has a broader mission to improve financial well-being and independence through personal impact and that means giving people a complete tool-set incorporating digital plus human mentor ship to save more and make their money work harder. The company is unlocking possibilities on a whole different scale.”
Alexis Ohanian, Co-founder and Managing Partner at Initialized Capital, said research says that millennials are financially behind. And it should addressed to analyzing their systematic problems. He stated,
“Empower is designated to help this generation get smarter and savvier about their money. It’s pretty rare to find a consumer bank that offers high yield on all your money without the traditional deposits restrictions, plus on-demand financial coaching via both human and AI assistance. Empower is the practical all-in-one solution that’s been missing in the market.”
How Empower Finance is Differs from other banking Apps
The app is freely available for download in all android and IOS devices. It has a user-friendly interface, helpful tracking features and a wealth of saving opportunities. As well as, One can link with all accounts with Empower like savings, debit cards, credit cards, and cryptocurrency also. It also manages all the subscriptions from various platforms and divides them accordingly. Moreover, It sets reminders for the bill payments or any recharge or credit card usage. And empower provides a report of the income & expenses by which one can figure out the unnecessary payouts.
Empower charges APY of $6 USD monthly to grant access to all the features, which is comparably less than the traditional banks. However, the Annual Percentage Yield(APY) may change at any time.
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