Founded around 2018, emerging from Harvard and MIT ecosystems. The idea reportedly originated in 2016 as “Fluid‑Bank,” and was incorporated in Boston by Steve Le Roux (and co-founders Diederik Meeuwis and others) in 2018–2019. Envel released in late 2020 as one of the first AI-powered “autopilot” banking apps, offering automated envelope budgeting, saving, and investing, targeting Millennials and Gen Z. It was backed by MIT Sandbox, Harvard, and early crowdfunding raising ~$4.75M by mid‑2021.
By late 2021, Envel had grown to ~16,000 users, claimed $600K in savings balances, and had doubled its valuation (from ~$15M to $35M) in successive crowdfunding rounds.
Failed. What Happened?
In June 2023, BM Technologies (BankMobile, NYSE: BMTX) acquired Envel’s software technology and engineering team under an asset purchase agreement. As part of the deal, Envel ceased operations as an independent entity—customers’ bank accounts were closed and funds returned.
In a “Letter to Shareholders”, CEO Jim Schleckser confirmed that shareholder equity was entirely wiped out—investors received no returns. The board had judged the liquidation-donor offer the only viable path forward amid funding collapse and macro fintech turmoil.