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Fintech Startup Pioneers Automated Budgeting with Paid Bonuses

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Mooch is the world's first budgeting app built on the blockchain that pays people to budget.

PACIFICA, Calif. - eTradeWire -- With an economy shaken by almost two years of a global pandemic, budgeting and financial planning has been more relevant than ever. Today's younger consumers, in particular, want convenience and simplicity for their money. And, they want it served up in front of them in the digital equivalent of an easy button without having to think about it. More than anything, the emerging generations are more interested in learning and being educated, and guided as they grow into their financial lives.

Richard Velasquez started with the idea of building an app that would automatically manage his personal finances for him, with an added bonus of paying people to budget. Sticking to a budget is something people struggle with the most, so he decided to create financial incentives to overcome this. After posting on a subreddit called r/cofounders, he recruited Kevin to join him. They both left their full time jobs in June of 2021 and have been working on Mooch full time ever since! Richard left Facebook after four years as a tech lead and Kevin after two years of working as a banking consultant. Kevin started testing the waters and making TikToks on personal finance, which have since garnered over 3.8 million likes. An excel budgeting tutorial on how to automate your budget blew up and he has been enjoying a semi-secret life as a TikTok (https://www.tiktok.com/@amoochlife) influencer ever since.

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Mooch -- originally called Kanbee -- is the world's first automated budgeting app that pays people to budget. Built on the blockchain, Mooch pays bonuses to users and has no fees, ever. The app is totally free and is available for download on the app store as of November 2021. Users, who Mooch refers to as "partners," can link their bank accounts in less than five minutes. From there, they can create envelopes that will budget automatically for them. The app automates the movement of money to and from the app using stablecoins, a form of cryptocurrency that is linked to the US dollar. Mooch hopes to replace dated methods of budgeting, such as stuffing physical envelopes with cash to manage spending. With an early access list of over 16,000 partners, Mooch is well on it's way to establishing itself in the fintech space. Just last week, Ricky and Kevin presented Mooch at University of California, Berkeley's Blockchain Xcelerator Demo Day. Graduates of the program's '21 cohort, they are currently meeting with interested investors and preparing to raise a seed round.

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Source: Mooch
Filed Under: Financial

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