Startup of the Week: Rize makes you save, even when you don’t want to
Millennials are struggling with more than $1 trillion in student debt, widening income inequality and the aftermath of the Great Recession. And in an environment like that, it can be hard to save a little cash, let alone the down payment for a house or a big trip.
Rize wants to make it easy. Ridiculously easy.
The D.C.-based startup is just coming off a four-month training stint with Silicon Valley-based accelerator and venture fund 500 Startups and the $125,000 in funding that came with it. The company is putting the finishing touches on a platform that sets aside money from user accounts on a regular basis toward a variety of preset goals. The app uses some basic behavioral psychology, showing users how much they are saving relative to their peers in the same situation. Think of it like energy management company Opower's technique of letting homeowners see their energy usage compared to their neighbors, but for personal finance.
...read the rest of the article at bizjournals.com