Mooch

Mooch is a financial technology company that developed an application focused on automated budgeting and savings. Founded in 2020 by Kevin Jiang and Richard Velasquez, the San Francisco-based firm aimed to change how people interact with their personal finances, shifting from a transactional feel to a more conversational and supportive experience. The company's mission was to empower individuals by providing tools to better understand and manage their money. Mooch successfully raised $4.62 million in funding from investors including Bee Partners, F7 Ventures, and Amino Capital before being acquired by Suma in October 2024.

The core of Mooch's offering was a free-to-use, AI-powered wallet available on the iOS platform. The service utilized the envelope budgeting system, automatically segregating a user's funds into designated digital 'envelopes' for bills, savings goals, and general spending upon receiving their paycheck. A key feature was the automated bill payment process; the app would transfer the necessary funds from a specific envelope back to the user's linked bank account just before a bill was due, helping to prevent missed payments. To incentivize consistent saving and budgeting, the platform rewarded users with monthly cash back for successfully funding their envelopes. All deposit accounts were FDIC insured up to $250,000 through partner banks.

The business operated in the competitive personal finance app market, targeting individuals seeking to automate their budgeting and improve their financial habits. The application provided a fee-free service, including the absence of hidden charges. Beyond budgeting, Mooch offered goal tracking for specific savings targets, such as vacations or emergency funds, and provided insights into spending habits to help users identify potential savings. This approach was designed to reduce financial stress and provide users with a clearer path toward their financial objectives.

Keywords: automated budgeting, personal finance app, envelope budgeting, savings automation, bill management, cashback rewards, financial wellness, money management tool, fintech, Richard Velasquez, Kevin Jiang, Suma acquisition, budget tracking, savings goals, iOS finance app, spend analysis, automatic bill pay, financial self-improvement, fee-free wallet, digital envelopes