Jelli

Banking is stuck in the past. Jelli is bringing it into the future.

It’s a financial technology, or “fintech,” company that’s created a mobile app — one that combines banking, budgeting, and social networking.

With Jelli, not only can users deposit and grow their money, but they can also set financial goals and track their spending habits in real-time. Additional features include the ability to plan and save for future events with friends, and receive instant cash rewards on qualifying purchases.

Jelli is targeting a massive shift among consumers: the shift from traditional banking to digital banking.

As a recent Forbes report noted, mobile banking adoption in the U.S. has “skyrocketed.” And this boost is spread across all demographics, from millennials to baby boomers.

As of May 2021, 95% of Gen Z consumers (those ages 18 to 25) use mobile banking, while 91% of millennials do so. 85% of Gen X consumers (those ages 41 to 55) use some form of mobile banking. And even 60% of baby boomers, and nearly 30% of seniors, rely on digital banking.

In response to this shift, two notable things have happened:

First, traditional banks like Wells Fargo and Bank of America have tried to hold onto these consumers by creating mobile apps. The problem is that these apps don’t offer much in the way of features and financial tools.

Second, fintech companies, including private startups, have become increasingly popular — and valuable. Chime, for example, a digital banking platform, recently raised capital at a $25 billion valuation. Dave, a similar digital finance app, just went public at a $4 billion valuation. And Varo, a third mobile banking app, is now valued at around $420 million.

The thing is, none of these companies has a platform as helpful and feature-packed as Jelli. As the company says, it offers a “sweet” way to bank.

A few key characteristics separate Jelli from the competition. First is the purpose of its platform.

While some apps offer ways to bank, and others a way to budget, this platform offers both. Budgeting, in particular, has become a popular task to complete using mobile apps. But a lot of them aren’t connected directly to a user’s bank account, making them inconvenient and slow to receive data and updates.

Jelli, in contrast, enables users to budget from the same source as their banking. While Jelli isn’t a bank, funds are held at its partner bank, Metropolitan Commercial Bank, and are FDIC insured.

Budgeting with Jelli is broken into two simple concepts: segmenting money (i.e., setting funds aside) and assigning purchases (i.e., creating a pool).

For example, a user might need $500 to take a trip to Las Vegas. They can have Jelli set aside the necessary funds over time to afford this purchase. At the same time, that user can designate a pool of money designed specifically for eating out. This $50 pool, for instance, will be tapped each time they make a purchase at a restaurant, and refilled each month.

Users are able to create as many “jars” (that’s what the company calls its pools) as they wish. Jelli remembers each user’s budgeting preferences and automatically distributes funds whenever money is deposited.

The second characteristic the separates Jelli from its competitors is the number of features it offers.

For example, users can share jars with others. This is ideal for group-funding events or trips, or splitting expenses like rent. Users can also “follow” their friends’ jars and contribute money.

Complementing Jelli’s mobile app is a JelliCARD, which people can use to make purchases and earn cash-back rewards from various merchants. They can make online purchases, or make ones using ApplePay or GooglePay. And they can use the card to withdraw money surcharge-free from thousands of ATMs across the U.S.

Finally, Jelli is unlike its competitors because its platform was created in line with what today’s consumers want from banking and budgeting platforms. This includes:

• Simplicity: 78% of millennials and Gen Z consumers rarely or never make spreadsheets for budgeting.

• Integration: 66% want digital tools from their bank with real-time data.

• Fun: Gamification would get 65% of users to stay more engaged with finances.

• Cash back: 70% will spend more if they know they are getting cash back.

To reach some of these consumers, Jelli has partnered with My Tech High, an educational program, to teach financial literacy and promote its platform. It is also using social media platforms and partnerships with brand “influencers” to market its app.

Jelli has two revenue streams: it collects fees on card purchases, and it has a revenue-share arrangement through the merchant rewards program. The company has started generating revenue, and projects to bring in $2.4 million in the next 12 months, and $17 million the following year.

Team Background

Ben Harper - Co-Founder & CTO

Ben brings more than two decades of technology experience to Jelli. He has built fintech startups from the ground up, focusing on financial processing platforms and mobile app development.

Prior to Jelli, he was a senior data engineer and app developer with Cardplatforms, a financial services company. Before that, he spent six years as a senior developer with Kaiku Finance, the finance company specializing in pre-paid debit cards.

Earlier in his career, he founded Secure.CC, an e-commerce business. Before that, he was a multimedia engineer with Knowledge Adventure, an educational technology company.

David Smith - Co-Founder & CEO

David has more than 20 years of leadership experience for financial technology and consumer products companies.

Most recently, he was Head of Financial Operations with MovoCash, a digital banking platform. Before that, he was Chief Marketing Officer with Cascade Financial Technology Corp, a financial services company.

He worked at Cascade Financial after spending time as a corporate controller with Cardplatforms, another financial services business. Prior to that, he was Head of Brand Development and Marketing with Kaiku Finance, a finance company specializing in pre-paid debit cards.

Earlier in his career, David was a senior marketing manager with Green Dot Corporation, a financial technology company. He held this position after spending six years as a brand finance manager with Procter & Gamble, a consumer goods company.

He earned a Bachelor’s degree in Mechanical Engineering from the University of Utah, a Master’s degree in Engineering Management from Northwestern University, and an MBA from Northwestern.

Tom Curitore - Co-Founder & CCO

With more than 17 years of creative experience, including time in the finance industry, Tom is responsible for creating Jelli’s brand image.

He began his career in the entertainment business, working as a designer for MTV Networks and E! Entertainment Television. From there, he was a designer for California Tan, a fashion company.

More recently, he shifted to finance, where he became Creative Director for Kaiku Finance, a financial services company.

He holds a Bachelor’s degree in Advertising Design from the Fashion Institute of Technology.

Co-Investors