Do you know that feeling of finding money in your pocket that you did not remember any more? It's like having the impression of making money, even if it was already yours. Monotto is a FinTech firm that wants to help people have more of this in their life.
Christian Ruppe and Jared Kopelman, Founders of Monotto, noted that their college colleagues had great difficulty maintaining a budget and saving money. Christian then thought that if the economy could be automated, that would be solved. This is what they did using machine learning. Christian has already defined his company as "the self-driving car of the banks."
The solution works as follows: Monotto's algorithm learns your consumption habits and realizes how much money you would have available to save. Then it begins to "divert" small amounts to your savings, so you do not miss the money. Over time you will have a backlog built without even noticing it.
Monotto provides its solution through a partnership with banks. This way, the customer has the automated tool provided by the bank and linked to the personal account. Banks in the United States and Europe already have a partnership with Monotto.
Read more about the company in the interview below:
In the picture: Christian Ruppe, CEO of Monotto
Was the solution made to meet the millennials’ needs, or did you do research to reach the ideal audience for Monotto?
Christian Ruppe: Initially, we built the product with millennials in mind. We researched millennials' spending behaviors and designed the product to solve financial problems without affecting the lifestyle of that audience. However, once we look at the product we built, we realized that it works for everyone and we expect the product to be age-agnostic.
How did you set up the team that is on Monotto today?
CR: Jared [Copelman, COO] and I co-founded the business when we met in college (College of Charleston). We hired Dalton [Cole, CTO] earlier this year to actually review the product and prepare it for launch. Since then, we have hired several part-time employees to help move the company forward.
Do you plan to expand to other countries?
CR: We currently have a US bank and a very large banking customer in Europe. We still have many other banks ready to go in July.
Do you have plans for the Brazilian market?
CR: We plan to reach the Brazilian market soon. We speak to three of Brazil's largest banks, but we have not yet reached an agreement with one. We do not yet have an expected release date in Brazil, but your readers can help change that by asking your banks to contact us!
What are the expected results in saving for the customer?
CR: We did a pilot with a group of individuals in the US and the average user saved about $100 in the first month. Through our tests, we expect the average user to expect to save $5 every two-to-four days, depending on the financial situation.
This content was published in partnership with StartSe, a leading Brazilian website about startups. The portal contains the StartSe Base, the largest database of startups in the country, with more than 5,000 registered companies.