After Wisam Dakka and André Madeira left Snap in 2018, the 2 longtime product builders and coders forged about for a brand new app to construct.
Trying round they realized there was no monetary product that spoke to the technology of shoppers they’d spent the final little bit of their skilled lives working to construct for, so they determined it might be their subsequent undertaking.
“Our perception is that a person’s relationship with cash is a fragile and an emotional one. Most monetary apps will not be adopted by the plenty as a result of they’re strict, lack empathy, and are unconsciously perceived as judgmental, which is why they’re typically downloaded after which ignored,” mentioned Madeira, in a press release.
Their resolution, launching right now, is Meemo .
It’s a mixture of a private monetary monitoring, rewards and gifting, and social buying app all rolled into one.
“One of many issues we realized at Snap, if you wish to attain the plenty it’s essential to change the way you create an app. It needs to be effortlessly,” mentioned Madeira. “It needs to be automated and social as nicely so we wish to construct an app that’s all of that mixed.”
As soon as a person downloads Meemo and connects their primary checking account or bank card to the app, Meemo will give that particular person insights into their spending historical past and potential rewards.
For many customers, the preliminary expertise might be by means of a present card. Gifting, it seems is what Dakka and Madeira suppose would be the secret sauce for the corporate’s progress (though getting individuals to make use of one thing in the event that they’re being given cash or free stuff is hardly rocket science).
There’s additionally the social aspect, which the 2 males suppose might be a draw as nicely. Meemo offers suggestions and social validation from pals by harvesting their shopping for historical past and sharing it with you.
As soon as a person downloads Meemo and has the historical past of their transactions, the app will floor the locations the place customers spend probably the most cash. They will then ship reward playing cards to their pals for his or her favourite eating places. The aim, ultimately, is to get eating places to subsidize the gifting portion and have their consumers act as a direct advertising channel.
Outlets gained’t be capable to see who’s getting the items till they arrive into the shop. What Meemo hopes to do is collect a profile of a person’s buying habits primarily based on their purchases and supply them reductions to locations that they might not frequent as typically, however match their shopper profile.
Backing the corporate are traders together with Saama Capital, Greycroft, monashees and Sierra Ventures, together with particular person traders Amit Singhal, Hans Tung and serial entrepreneurs and the co-founders’ colleagues from Google and Snap.
Madeira and Dakka first met engaged on Google Search and went on to discovered Snap’s San Francisco workplace. The crew is rounded out by long-time pals like Robson Araújo and Ranveer Kunal.
“We’re very excited to again Dakka and Madeira of their creation of a brand new age finance app at Meemo that may mix improved monetary administration with deeper social engagement for right now’s technology,” mentioned Ash Lilani, managing companion at Saama Capital, in a press release. “With Dakka and Madeira’s previous expertise of assembling gifted groups and constructing viral merchandise, we consider Meemo has a chance to turn into a pacesetter on this house.”
— to techcrunch.com