Revenue Plans

What’re the revenue plans for the company? Will our spending habits be sold to advertisers? Will there eventually be loans we can take out through Envel? How big of a banks do you guys see yourself getting?

What’s everyone else’s interest in the autonomous banking? I’m hopeful that this will help shed light on some of my spending habits and make it very easy to save for future goals. Also just kinda think it’s cool to have a more modern bank like this.

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Envel has a number of different revenue plans offering different products in both the short and long term, which do include offering several different credit products. Selling of user data is not a part of our current plan as we believe keeping your data secret is something that we value. At this time, we not comfortable releasing any additional information about projection or growth other than what is already released on the www.wefunder.com/envel page.

I don’t believe that a depository financial institution (or a fintech DFI in this case) is allowed to sell your data, even in aggregate.

Some fintechs get around this in a privacy-saving way by reverse-selling like Mint does: Telling advertisers that they will put their ad in front of certain types of customers. Only clicking on the ad reveals that you are in the group.

But even then, I’m not sure that is allowed for DFIs. The FRB, OCC, and FDIC would likely take a dim view of such a practice for depository accounts.

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Thank you for the reality check! There are tons of regulations to protect consumer privacy in the banking world