Sequoia partner debuts smart savings app Empower
09 May 2017 | 2479 views | 0
Today we are thrilled to launch Empower, a new app that allows you to take control of your money and make smarter financial decisions.
Many of us know we can do better with our money, but find the process of figuring out how to be complex and intimidating. We hope to change that, and in the process, make our lives better and simpler.
In building Empower, our team focused on three principles: Design, Data & Action.
We believe deeply in the power of design. We built Empower as a mobile-first app as it forced us to rethink how we architect and present data. When you open the app, we want you to feel confident that you know where you stand financially — at any time. We thought a lot about how best to leverage notifications on mobile to increase awareness and influence decisions. And we sought to turn a stream of previously confusing transactions into actionable information.
Each of us at Empower has felt the frustration of banks doing a poor job of presenting the data or other apps with poor data quality simply getting our data wrong. Inaccurate data leads to bad recommendations. It is that simple. We have worked hard to change this paradigm. We know we will not be perfect from the beginning, but we believe we will be a hell of a lot better than the status quo and we have architected our system to learn as our users interact and structure their own data.
Ultimately, the biggest difference we can make to our users is real change — allowing them to take action based on what they learn from Empower. For this reason, our app doesn’t allow you to just see data, but actually take action within the app. Users can transfer money between >1,000 banking institutions (much faster than would a normal bank) and set up automated savings from each paycheck. Soon, we will be launching an intelligent AutoPay for credit cards and student loans.
As a small team, we are very proud of what we have created and immensely grateful to all our beta testers for helping to shape the product we are launching today.
Empower is now available on the App Store. We are committed to continuing to build out the most powerful app for giving you control of your money. So please join us, don’t hesitate to share your thoughts and feedback, and help us make money pain free.