# Envel: Banking, Boston, United States

> Envel: Envel is a financial technology company based in Boston, Massachusetts, founded by Harvard alumni and supported by the MIT Sandbox.

Source: https://millionrounds.com/startup/envel (Millionrounds; every figure on the page links to its filing or article)

United States · [Banking startup](https://millionrounds.com/companies)

# Envel

Envel is a financial technology company based in Boston, Massachusetts, founded by Harvard alumni and supported by the MIT Sandbox.

Funding reported Last round: Equity crowdfunding

Banking Boston, United States

Company summary

- **Founded:** 2018 8 years old
- **Team:** 11 11 to 50 people
- **Funding reported:** $15M in dollars
- **Last round:** Equity crowdfunding Mar 2022

How sure we are

- ✓ **Listed** We know it exists and what it does
- 2 **Funding reported** A company dataset reports a raise
- 3 **Observed** A filing or a dated announcement confirms a round

No round for Envel has been confirmed by a filing or an announcement yet, so nothing here counts toward an investor's record. [How we decide](https://millionrounds.com/methodology)

## About Envel

Envel is a financial technology company based in Boston, Massachusetts, founded by Harvard alumni and supported by the MIT Sandbox.

Established in 2017, Envel aims to transform traditional banking through its autonomous neo-bank model. The company focuses on automating personal financial management for users who may struggle with budgeting and saving. Envel's services are designed to help individuals, particularly college students, achieve financial freedom and reduce debt. The core offering is the Autonomous Bank Account, a mobile banking platform that utilizes a proprietary AI engine to analyze user spending in real-time. Key features include the Spending DNATM analysis, which personalizes financial management, and the "Envelope" system that categorizes income into distinct areas for daily spending, bills, emergency savings, and long-term goals. Envel also provides a mobile app, a Visa debit card, and options for joint and family accounts, making it a comprehensive solution for modern banking needs. The company is committed to expanding its services across the U.S. and enhancing financial education and accessibility for its users.

## What company datasets say Envel raised

Funding, as reported

Reported in all **$15M** in dollars

Rounds **10**

Last round **Equity crowdfunding**

Last round size **$2.0M**

Last round date **Mar 2022**

Investors listed **9**

SEC Form D **$6.7M sold, 7 filings, last Jul 2021**

## Funding filed with regulators

Envel filed 2 raises, $1.6M in all. Filings say how much was sold and to how many investors; they never name the investors.

- Oct 2022 **$559K** other of $3.9M offered Crowdfunding
- Jun 2021 **$1.1M** other of $1.1M offered Crowdfunding

## Founders and team

From the SEC filings it signed: 7 on the team.

- **Stephen Le Roux** CHIEF EXECUTIVE OFFICER i
- **Craig Bond** PRESIDENT i
- **Alwyn Van Wyk** CHIEF TECHNICAL OFFICER i
- **Brian Higdon** CHIEF COMPLIANCE OFFICER i
- **Diederik Meeuwis** CHIEF OF STAFF S.V.P. OPERATIONS i
- **Matthew Armandi** CHIEF FINANCIAL OFFICER i
- **Paul Pagnato** Director, Promoter i

On the board, as filed i *John Paul Rollert* *Lisa Nelson* *Mike Baxter* *Nathana Sharma* *Ted Hill*

## On a portfolio page

Investors who name them

- [Bay Wharf Capital](https://millionrounds.com/fund/bay-wharf-capital)

Each firm lists Envel on its own website. That is the firm's claim, a weaker thing than a round we watched, but a named source.

## The company, in detail

What they build

Known for

information technology & services financial services investment management b2c fintech wealth management services consumer banking money management finance technology

Built with from their website

Microsoft 365

- **Sector:** Banking
- **Industry code:** NAICS 522320, SIC 6021
- **Region:** Massachusetts
- **Full record:** [Every detail in the company directory](https://millionrounds.com/directory/envel)

## Banking in United States

Startups like it

- [**Erebor** Columbus *Raised*](https://millionrounds.com/company/erebor)
- [**Relay** San Francisco · founded 2021 *Raised*](https://millionrounds.com/company/relay)
- [**Nymbus** Jacksonville · founded 2015 *Raised*](https://millionrounds.com/company/nymbus)
- [**Fintiv** Austin · founded 2018](https://millionrounds.com/startup/fintiv)
- [**Grasshopper Bank** New York · founded 2019](https://millionrounds.com/startup/grasshopper-bank-2)
- [**Harris Bank** Chicago](https://millionrounds.com/startup/harris-bank)
- [**Thread Bank** Brentwood](https://millionrounds.com/startup/thread-bank)
- [**Found** San Francisco · founded 2019](https://millionrounds.com/startup/found-5)

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