Envelope: iPhone budgeting with built-in checking and debit cards

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Envelope is a Summer 2023 Y Combinator company that makes an iPhone budgeting app with built-in checking and debit cards. The app is aimed at people who want to plan with the money they actually have, using digital envelopes for bills, groceries, savings, and other spending instead of only reviewing transactions after the fact. Envelope says it is a fintech company, not a bank, and that banking services are provided by Pacific West Bank, Member FDIC. (ycombinator.com; envelopebudgeting.com)

On its website and App Store listing, Envelope describes a budgeting system where users can create unlimited envelopes, move money between them, and assign card or ACH transactions to the right bucket. The app also surfaces spending insights and visual charts, and it includes joint or individual account setups for people budgeting solo or with a partner. The company also says the account can support early direct deposit, up to 50 virtual cards, mobile check deposit, physical checkbooks, and fee-free access at qualifying Allpoint ATMs. (envelopebudgeting.com; apps.apple.com)

Envelope is free to download from the iPhone App Store, while the company offers monthly and yearly membership plans for the service. Those are separate from the download price. Its website describes an annual fee waiver tied to qualifying debit-card spending; readers can check the current membership terms, account eligibility and fee disclosures before deciding whether the service fits their needs. (App Store listing; Envelope membership details)

The company’s posts below provide a short product history. Envelope announced App Store early access in February 2023, shared its TechCrunch Demo Day coverage in September 2023, and announced Early Direct Deposit in May 2024. These are historical announcements; the current company website and App Store listing describe the app available today. (2023 app announcement; 2023 Demo Day post; 2024 direct-deposit post)