Exclusive: Fintech The Beans Targets America’s Caring Class With $2M
Summary
Fintech startup The Beans raised $2 million in funding to continue developing its automated financial wellness and behavioral offering for people labeled “America’s Caring Class,” those with steady income streams in professions, including teachers, nurses and social workers. “It wasn’t just us, but the parents of the children we were teaching.” Pancoast went back to school to study financial behavior, and ended up leading a team as a researcher in the University of Oxford’s Centre for Evidence-Based Interventions. The product has three principles: Having a financial plan makes you 10x more likely to succeed, having savings improves decision-making — and it doesn’t have to be a six-month nest egg, either, she said, just something that is achievable — and spending money in alignment with your values. • SeedFi announced a $15 million Series A raise led by Andreessen Horowitz for its platform aimed at building credit, savings and financial planning. • Monashees and ONEVC led a $5 million seed round in Brazilian fintech startup Facio, which is developing a financial education platform that not only offers free lectures and courses, but also salary-advance services.