After Wisam Dakka and André Madeira left Snap in 2018, the 2 long time item developers and coders cast about for a new app to construct.
Browsing they recognized there was no monetary product that talked to the generation of customers they ‘d invested the last bit of their professional lives working to construct for, so they decided it would be their next project.
“Our insight is that an individual’s relationship with money is a fragile and a psychological one. A lot of monetary apps are not adopted by the masses because they are rigorous, do not have empathy, and are automatically viewed as judgmental, which is why they are typically downloaded and after that disregarded,” said Madeira, in a statement.
Their option, launching today, is < a class="crunchbase-link"href="https://crunchbase.com/organization/fingo-5365"target
=”_ blank”data-type =” company”data-entity=”fingo-5365″> Meemo. It’s a combination of a personal monetary tracking, benefits and gifting, and social shopping
app all rolled into one.”One of the things we found out at Snap, if you want to reach the masses you require to change how you create an app. It needs to be effortlessly,” said Madeira. “It has to be social and automatic too so we wish to build an app that is all of that integrated.”
Once a user downloads Meemo and links their main savings account or charge card to the app, Meemo will consider that individual insights into their costs history and potential benefits.
For a lot of users, the preliminary experience will be through a gift card. Gifting, it turns out is what Dakka and Madeira believe will be the secret sauce for the company’s growth (although getting individuals to utilize something if they’re being offered cash or free stuff is hardly rocket science).
There’s also the social aspect, which the 2 men think will be a draw. Meemo offers recommendations and social validation from friends by collecting their buying history and sharing it with you.
Once a user downloads Meemo and has the history of their transactions, the app will surface the locations where users spend the most cash. They can then send gift cards to their pals for their preferred dining establishments. The goal, ultimately, is to get restaurants to subsidize the gifting part and have their consumers act as a direct marketing channel.