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Commingling finances can be a scary endeavor for people who have decided to share their life with each other . With masses splice later in animation , this often means moving in with someone before any nuptials take place — if they ever do .
This was the dilemma Michelle Winterfield experienced when she moved in with her spouse a few yr prior to getting married . They had all the usual conversation : opening a joint chronicle and have got joint credit cards .
“ It ’s hard to build a life story as an single couple , ” Winterfield told TechCrunch . “ And with couples getting marry afterward on in spirit , there is an unwillingness to unite finances , but they still want to get the benefits of doing so . ”
When Winterfield , who was a private equity investor on Wall Street , could n’t recover an app that focus on what she called “ the modern twosome , ” she and Centennial State - founding father Daniel Couvreur , a former investing banker , set out to build one two years ago .
Their event isTandem , a fintech app that addresses the first financial milestone for couple and grow with the kinship via provision , saving and spending features . The subscription - based app launch in August 2023 .
“ We were both tired of using Venmo to share rent , groceries , and plenty of other expenses with our significant others , and we see to it no charm in a joint debit card / account – who want to give up credit batting order points / cash back and deal with the pain of afford a joint account + conflate finances?”Couvreur drop a line in a LinkedIn posttwo years ago .
How it works
user get set up on Tandem in transactions . One somebody lumber in and invites their partner . Both get in touch their credit card and/or debit bill of fare . Tandem pull in transactions , however , each partner only see what the other want them to see , Winterfield said .
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Couples can set up automatize money transferral into a shared expense sens and show it to sure expenses , for exercise , rip or Netflix . More than 25,000 couples currently utilise Tandem , which has managed $ 60 million in expense thus far .
“ It establish you the experience of a joint account statement without actually having to have one , ” Winterfield said . “ Everything you do want to share is in one space , so it get rid of the back - and - forth . you could also settle up any balance whenever you are quick . ”
investor are also keen on the idea , recently pumping $ 3.7 million into Tandem . Corazon Capital go the daily round and was joined by a group of individual investor and executives from troupe including OkCupid , Match Group and Tinder .
“ I have rarely see consumers love a product so much , underscoring the need for innovational solutions for the innovative pair , ” said Sam Yagan , co - founder and managing music director of Corazon Capital , via electronic mail . “ As a kinship expert , I have long believed in the need for a product to help couples navigate the unique challenges of managing their finances . Tandem stands out as a chopine of reliability , trust and modernity and help new and be relationships thrive financially and emotionally . ”
What should banking depend like for mod duo ?
Relationship goals
Tandem is not alone in die after this problem . We ’ve previously describe on companies tailoring financial services to couples , likePlenty , Honeydue , Zeta , IvellaandEnsemble , which is for divorced people who co - parent .
Many of Tandem ’s competitor focus on providing a debit card to contribution expenses , which Winterfield aver can be a big step for people who are just protrude their financial life .
“ We really wanted to make this with the consumer in mind as oppose to offering banking intersection , ” she said . “ We also wanted to create a much more automated experience that really solves this pain point first for our heart and soul demographic . ”
Tandem crowdsources its possible features from its user al-Qa’ida , and a majority of exploiter root on the next set of features called “ destination , ” going live this week . The Goals lineament is free-base on bulge a design for shared purchases that both members of the couple will work on .
Plenty ’s newfangled wealth - building app targets couples flux finance
For object lesson , you set a end together — grease one’s palms new furniture — and prefer how much each will conduce to that goal each calendar month . Then each mortal can pull in websites or apps to grab various product to add to your goal so everyone is on the same Sir Frederick Handley Page and no one person feel like they are doing it alone .
The new chapiter will go into launching this new feature , merchandising and growing the squad . In addition , an Android app is coming soon .
Initially , Tandem launched with a “ opt your own price ” model . With the new feature now here , the platform will go live with a $ 10 per couple , per month one-year pricing or $ 12 per couple , per month pay monthly .
“ We want to build something that integrates very seamlessly , lets you share everything in a very automated way without really let to take that next stone’s throw and sign up for a joint card together , ” Winterfield order . “ Tandem allow you to defend that independence while also construct a life-time together . ”
Our favorite inauguration from YC ’s Summer 2023 Demo Day , Day 2
