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Workplace financial wellness... improve employee finances

USA, California
Market: Financial services
Stage of the project: Prototype or product is ready

Date of last change: 04/10/2019
Min investment
$  25.000
Total required
$ 450.000
Rating
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Idea

Clever Finance is hired by leading companies to help their employees reduce their financial stress so they can focus on their work and be better, happier and healthier employees. We help with day to day money issues around savings, spending, debt, protection and credit. We help employees by creating great engagement, connecting employees with amazing coaches and an online product experience that keeps them educated and on track to their plan.

Current Status

We sell to employers who make our service available to their employees at no cost as an employer paid benefit.

Q4 2018 we launched our first client with our MVP (employee engagement and a coaching expeirience)

Q1 2019 we lauched an additional 3 employers with a goal of one additional employer per month.

Market

Fortune 500 employers

They are spending $3.3B in 2019 on financial wellness programs and are hungry for a solution like Clever is offering.

Problem or Opportunity

The US worker is struggling financially with low savings, high spending and debt. Their financial situation is impacting their ability to be a productive employee.

Employers recognize this new reality and are searching for ways to address the financial stress of their workforce. Fortune 500 companies are projected to spend $3.3B in 2019 on financial wellness programs. This is the market we are going after.

Solution (product or service)

Clever offers a combination of employee engagement, amazing coaches and an online product experience. Our engagement pulls employees into the service, helps them to understand their opportunity for improvement and offers real and actionable help on the topics that concern them. Coaches help the employee create a plan to keep them moving forward on their financial journey. The online experience automates good decisions and keep the employee on track with the plan they created with a coach.

Competitors

Three categories of competitors:

Record keepers and investment managers (Fidelity, Voya, Vanguard, Financial Engines). These solutions are limited in scope and impact. Clever intends to support these competitors with integrated technologies (automated savings)

Point solutions (Kashable, Working Credit) - Specifically focused on solving one problem, and not a well rounded solution. Generally will not include engagement programs. Expensive and causes the employer to have to deal with multiple vendors

Holistic providers - New space with limited players. Some include: Edukate, Ayco, Bridghtside, Sum180 (acquired 4/2018)

Advantages or differentiators

Cornerstones to our experience are engagement, coaches and digital experience. This is what sets us apart from any other solutions. Our engagement approach is second to none. Many solutions do not have coaches, we do. The digital experience includes full loop experience items like automates savings and debt paydown.

Finance

Previous funding round was $351,000 in 2018
Seeking $450,000 in 2019 to continue to operationally support existing customers and build the technology to allow us to scale.

We are projecting $165,000 of income in 2019, with $5M in 2020, growing to $128M in 2023 (1.5 million employees under contract)

Business model

Employers pay Clever a monthly fee per eligible employee for access to the Holistic financial wellness help.

In addition, Clever is building out integrated solutions to help leading 401k record keepers deliver on their financial wellness strategies (ie, automated savings, automated debt paydown, spending monitoring). This service is charged at a monthly fee per active employee with declared minimums.

Money will be spent on

Build out of the digital product experience to reduce the cost of serving existing clients and to allow the coaches to have higher quality interactions with the employees.

Offer for investor

15% SAFE @ $8M discount
$25K minimum for private investors
$50K for institutional investors

Team or Management

Risks

Clearly early companies are determined to solve this employee financial stress problem. How deep does the market go? Will we be able to continue to get large employers to pay for the service after the early adopters accept the product.

Capital rich project based on the scope of features that we plan to build and the clients we intend to operationally support.

Incubation/Acceleration programs accomplishment

None. Applied to multiple programs in Spring 2019. No participation to date.

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address