Immediately after Wisam Dakka and André Madeira remaining Snap in 2018 the two longtime item builders and coders solid about for a new application to develop.
Wanting about they realized there was no monetary item that spoke to the technology of shoppers they’d put in the final little bit of their expert life doing the job to build for, so they made the decision it would be their future task.
“Our insight is that an individual’s marriage with money is a fragile and an emotional just one. Most money applications are not adopted by the masses since they are demanding, lack empathy, and are unconsciously perceived as judgmental, which is why they are often downloaded and then disregarded,” mentioned Madeira, in a statement.
Their resolution, launching right now, is Meemo .
It is a mix of a personal money checking, rewards and gifting, and social shopping application all rolled into a person.
“One of the factors we learned at snap if you want to get to the masses you require to modify how you make an application. It has to be very easily,” mentioned Madeira. “It has to be computerized and social as perfectly so we want to make an app that is all of that combined.”
At the time a user downloads Meemo and connects their main financial institution account or credit card to the app, Meemo will give that individual insights into their paying out background and prospective benefits.
For most people, the original knowledge will be by a reward card. Gifting, it turns out is what Dakka and Madeira imagine will be the mystery sauce for the company’s progress (although finding persons to use a thing if they’re getting specified cash or free stuff is hardly rocket science).
There is also the social factor which the two men feel will be a attract as well. Meemo gives suggestions and social validation from pals by harvesting their purchasing background and sharing it with you.
The moment a consumer downloads Meemo and has the heritage of their transactions, the app will floor the spots wherever user’s shell out the most income. They can then mail reward cards to their close friends for their beloved restaurants. The goal, eventually, is to get eating places to subsidize the gifting part and have their customers act as a direct advertising channel.
Shops won’t be in a position to see who’s getting the gifts right until they come into the shop. What Meemo hopes to do is assemble a profile of a user’s purchasing behavior centered on their buys and give them special discounts to places that they might not regular as usually, but match their client profile.
Backing the firm are buyers which includes Saama Funds, Greycroft, monashees, and Sierra Ventures along with particular person investors Amit Singhal, Hans Tung, and serial entrepreneurs and the co-founders’ colleagues from Google and Snap.
Madeira and Dakka initially achieved operating on Google Search and went on to uncovered Snap’s San Francisco workplace. And the crew is rounded out by lengthy-time buddies like Robson Araújo and Ranveer Kunal.
“We are incredibly fired up to again Dakka and Madeira in their development of a new age finance app at Meemo that will blend improved financial administration with further social engagement for today’s generation”, said Ash Lilani, Running Spouse at Saama Cash, in a assertion. “With Dakka and Madeira’s previous encounter of assembling talented groups and constructing viral products and solutions, we believe that Meemo has an chance to develop into a chief in this space”.
The company’s identify is taken from a Portuguese word “mimo”, which means an affectionate take care of, according to a statement. It is available to obtain on iOS and Android.