Founders Space alumni, Exeq, closes $1.5 million in seed funding to launch the first personalized finance app.
New York City angels led the round, and the new funds will allow Exeq to launch after the New Year. Packaging a customized budgeting tool, automated goal-based savings accounts, and robo-investment portfolios into one simple product, Exeq is competing to be the smartest banking experience yet. The new app will be available on iPhone and Android in 2017, and the company is collecting early-access signups today.
“Affordable quality banking services are only available for the wealthy right now,” says CEO Schwartz. “Unfortunately, banking and personal finance, super important elements in our lives, are the least integrated and personalized when it comes to their technology and availability. You need a one app for budgeting and another for investing. And even those aren’t so comprehensive”
“Exeq’s goal is to lead people to achieve their financial goals.” Schwartz explains. “You want to go on a vacation in six months. How do you properly budget for it? How much should you be saving a month for retirement? Should you spend less on food or transportation? How do you start investing in the stock market? Should you invest in stocks or bonds? These are very important questions that most people don’t know the answers to, including myself. And banks don’t provide these answers. Especially not to the everyday individual.” While closing the seed round of funding, Exeq also announced it has finalized its integration into Apex so users can digitally open investment accounts with no minimums. They’ve also closed their first bank partnership with Lincoln Savings Bank. With this partnership, Exeq is now the first digital platform offering both SIPC insured investment accounts, and FDIC insured savings accounts. Exeq will release the app on a first-come first-serve basis after the New Year.
“Banks typically provide impersonal, clunky, inefficient applications,” Daniel explains. “Plus, they don’t understand our spending habits, so how good could their alerts be? They don’t ask about our personal goals and fears. And this makes banking and personal finance confusing and inconvenient.”
At Exeq, they’ve taken note that we have set high standards for the applications and utilities we use most in their daily lives. They understand that more than just having efficiency, people want a personal touch. This mentality of integrating, and personalizing the banking experience, is what drives Exeq to develop the products that will come together to be the smartest banking experience yet.”
Interested individuals can sign up for early-access and updates at http://www.exeq.io
Exeq is the first all-in- one personal finance app for the millennial generation. Exeq guides its users towards financial achievement using our budgeting tool, automated goal-based savings accounts, Robo investment portfolios, and tailored financial alerts. Our company vision is to personalize the entire banking experience, using big-data to provide our clients with relevant recommendations aimed to better their financial lives using our financial products.