FloatMe
Offers an app to help employees prevent overdraft and build savings.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| investor | €0.0 | round | |
| investor investor | €0.0 | round | |
| investor investor investor investor | €0.0 | round | |
* | $16.2m | Series A | |
| Total Funding | 000k | ||
| USD | 2019 | 2020 | 2022 | 2023 |
|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 |
| EBITDA | 0000 | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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FloatMe operates as a financial technology company with a platform designed to assist individuals in managing short-term cash flow gaps and improving their overall financial health. The company was founded in 2017 by Joshua Sanchez, Ryan Cleary, Christopher Brown, and Caleb Scott, with its formal app launch in March 2020. CEO Josh Sanchez's personal experience with a predatory loan was a primary motivation for creating an alternative to high-interest payday loans. His background is in business development and partnerships.
The company's primary market consists of individuals living paycheck to paycheck who need assistance avoiding overdraft fees. Revenue is generated through a monthly subscription fee of $4.99, which provides members access to the platform's services. An additional revenue stream comes from optional instant transfer fees for users who need immediate access to funds. These fees range from $1 to $7 depending on the advance amount. The company also incorporates optional tips from users.
FloatMe's core service provides interest-free cash advances, referred to as "Floats," of up to $50 for new users, with the potential to qualify for up to $200 over time. The app connects to a user's bank account to analyze income and spending, which determines eligibility without a traditional credit check. Beyond cash advances, the platform offers several financial management tools. These include a cash flow calendar, insights into spending habits, and low-balance alerts to help users proactively avoid overdrafts. In early 2024, FloatMe and its co-founders reached a $3 million settlement with the Federal Trade Commission regarding allegations of deceptive marketing and difficulties with subscription cancellation.
Keywords: cash advance, financial wellness, overdraft protection, personal finance, fintech, micro-advances, budgeting tools, subscription finance, paycheck advance, money management, instant cash, financial health, mobile finance, no-interest advance, earned wage access, personal financial management, low balance alerts, spending insights, avoid overdraft fees, short-term liquidity