ImpulseSave

ImpulseSave, founded in 2010 by Phil Fremont-Smith and John Mileham, operated as a fintech platform designed to help consumers turn spending impulses into saving actions. The Cambridge-based startup provided a service that allowed users to set specific savings goals and make spontaneous contributions towards them, redirecting money that might otherwise be spent on impulse purchases. The platform functioned as an online piggy bank, linking to a user's existing checking account to facilitate these micro-savings.

The service was accessible via a free iPhone application, enabling users to make deposits whenever the urge to save struck. To provide the underlying savings accounts, ImpulseSave partnered with Leader Bank. The company's business model was centered on lead generation, earning revenue when a user opened a savings account through its banking partner. There were also plans to introduce promotional opportunities, such as co-branded competitions where sponsors would match user contributions, to further incentivize saving.

The company successfully attracted seed funding, raising a total of $50,000 through three rounds which included participation from notable investors like Techstars and SV Angel. The first funding round occurred in February 2011, with subsequent rounds in August and December of 2012. Despite its novel approach to personal finance, ImpulseSave was acquired by Betterment and ceased its operations on November 1, 2013. The ImpulseSave brand and concept were later adopted by the UK firm True Potential, which launched a similar feature in March 2014, allowing clients to make micro-payments into their investment accounts.

Keywords: impulse saving, personal finance app, fintech, micro-savings, savings goals, online piggy bank, financial wellness, mobile savings, goal-based savings, acquired startup, Betterment acquisition, Techstars alumni, consumer finance, digital banking, money management, behavioral finance, automated savings, saving habits, financial technology, lead generation