Lifestyle Fintech. Invest Deposits & Spend With Earnings. Startup Raising Funds.
It was a pleasure to meet Soon's CEO, CMO, and CTO, Chris Lovato, Aaron Bylund, and Michael Shattuck.
They recently raised a $1M pre-seed round and were selected to participate in the TechCrunch Pitch-Off out of hundreds of applicants. They are gearing up to launch the "Soon" app, a cash flow investment product that came out of their own poor experience and disjointed process of earning, saving, investing, and divesting. They tinkered with the idea of launching an investing and divesting product and process that powered their lifestyle and put their existing cash flow to work.
The team is not new to Money 20/20. They participated in the Startup Academy previously, and this year Soon’s CEO was one of 15 selected for the Amplify program focused on empowering the top minority leaders in finance.
To see my interview with them, please click on the video below:
The team is looking to solve, what they call "a crisis problem for a whole generation", their generation! Accordingly to them, millennials aren't investing enough, and that's a major problem affecting an entire generation.
Their approach to investing is unique. Imagine if you could automatically invest in various assets every time you deposit money into your debit account. Then when you make a purchase, be it anything from a cup of coffee to your dream car, the investments that have appreciated in your account are automatically divested as you complete that transaction. Essentially you’d be using your investment gains to increase the amount you could purchase, while also leaving more of your hard-earned cash in your account.
Listening to them it seems like, so long as a person properly sets up their investment portfolio and is consistently depositing and spending through their Soon account, they should not need to worry about stock market fluctuations and covering their bills. Instead of emergency funds sitting in a money market account, why not keep a larger chunk of your cash flow invested in the market and instantly liquid.
IMHO the idea is simple, implementation complex, stakes are high. If executed well this could be the start of a new way to automatically manage your personal finances, not to be confused with managing your personal investments.
To get on the waitlist for early access visit Soon.app.
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I wish the team a lot of luck and look forward to their formal launch.
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