Provides a mobile app that offers cash advances, financial forecasting, and expense tracking to help users manage their finances without credit checks or late fees. By securely connecting bank accounts through Plaid, it reduces overdraft risks, prevents overborrowing, and offers personalized savings opportunities through a network of over 40 partners. Membership costs $3.99/month, with cash advances available up to $100 and instant options for a small fee.
Funding
$41.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
FGFounders
Product
Problem
Many individuals struggle with managing their finances, leading to overdraft fees, overborrowing, and difficulty in saving money. Traditional financial services may not be accessible or affordable for everyone, particularly those without established credit or facing immediate cash needs.
Solution
FloatMe is a mobile application designed to help users improve their financial well-being through cash advances, financial forecasting, and expense tracking. By securely connecting to users' bank accounts via Plaid, FloatMe provides insights into spending habits and helps users avoid overdraft fees. The app offers small cash advances to cover immediate needs, along with financial forecasting tools to predict upcoming balances based on recurring expenses and pay dates. FloatMe also provides personalized savings recommendations through partnerships, aiming to help members save and manage their money more effectively.
Target Audience
FloatMe targets Americans who need assistance managing their finances, avoiding overdraft fees, and accessing small cash advances without credit checks.
Features
- Cash advances (Floats) ranging from $10 to $100, available to eligible members.
- Instant fund delivery for a small fee, with standard delivery within 3 days at no cost.
- Financial forecasting tool that calculates likely available balance based on recurring expenses and projected pay dates.
- Expense tracking and insights to understand spending habits, recurring transactions, and frequent expenses.
- Overdraft risk alerts to notify users of potential overdraft fees.
- Personalized savings opportunities through a network of over 40 partners.
- Secure bank account connection via Plaid.