Crew

Crew Finance Inc. operates as a financial technology company, positioning itself as a digital banking platform tailored for families. Officially formed in December 2022 by CEO Gentry Davies, the Lehi, Utah-based firm aims to address the specific financial requirements of family units. Davies, who previously led product development at Divvy (now a Bill.com company), was motivated by his personal search for a superior banking experience for his own family, after finding other options lacking. He is joined by co-founder Steve Domino, who serves as Head of Engineering. Much of the founding team gained experience at Divvy, drawing inspiration from its integrated budgeting and spending controls.

The company's business model centers on providing banking services through a partnership with Bangor Savings Bank, an FDIC-insured institution. Revenue is generated from interest earned on deposits held at its partner bank and from interchange fees paid by merchants when users make purchases with their Crew Mastercard Debit Card. This digital-only approach allows Crew to pass on more interest to its customers. In January 2024, Crew announced a significant milestone, securing $2.5 million in a pre-seed funding round led by Kickstart Seed Fund, with participation from Pelion, Signal Peak Ventures, and other investors.

Crew's core product is a high-yield checking and savings account system, accessible through a mobile app on both iOS and Google Play. The platform is designed for both parents and children, providing joint accounts for parents to manage family finances and individual accounts for kids to foster financial literacy. Key features include automated allowances that can be split between spending and saving, customizable debit cards for children, and real-time spending notifications for parental oversight. The accounts have no monthly fees or minimum balance requirements. A distinctive feature is "Pockets," which allows users to segment their funds for specific savings goals, similar to digital envelopes. The platform also supports direct deposits for children's accounts and offers reimbursements for a certain number of ATM withdrawals per year.

Keywords: family banking, neobank, financial literacy for kids, digital banking, kids debit card, joint bank accounts, high-yield checking, automated allowance, parental controls, savings goals, fintech, expense management, Gentry Davies, mobile banking, FDIC insured, budgeting tools, financial education, Lehi Utah, Bangor Savings Bank, Kickstart Seed Fund