“Saving has been a super boring and complicated subject,” savedroid founder and CEO Dr Yassin Hankir said. “Many prefer to go to the dentist than to speak with a financial adviser. We change that. With savedroid, saving is finally integrated into the daily lives of users and is fully automated.”
Savedroid enables users to set behavior-based rules called “smooves” that help steer a small amount of money toward savings for various goals. For example, set aside $1 for every cup of coffee you buy at your favorite cafe, or $5 every time you spend more than an hour on social media. The savings strategy works as well for short-term goals like a vacation a few months from now or longer-term goals like saving for college. Hankir added: “We make saving exciting, convenient and rewarding, and thus particularly suitable for the target group of millennials.”
The savedroid app comes with a virtual MasterCard courtesy of a partnership with Wirecard, which also processes payments for users by way of an e-money account. “In Wirecard, we have found a reliable and experienced partner for this process, [one that] fulfills all the relevant technical and banking standards,” Hankir said.
Founded in 2015 and headquartered in Frankfurt am Main, Germany, savedroid made its Finovate debut at FinovateSpring 2016. The company raised $1 million in seed funding last month in a round led by the investment and development bank Rheinland-Pfalaz (ISB) and featuring the participation of several angel investors.