Discover Folio: Savings with no jargon, no boring pages of small print and no financial flummery
Marvyn Halfon had a motorbike accident in Indonesia. He was stuck outside of the country with very limited funds and zero financial assistance for repatriation. Realising he’d have difficulty meeting his medical bills because he’d never been serious about the need for any savings plans, he used his two weeks recuperation time to figure out how to make saving easy, enjoyable and relevant to millennials, the social media generation… and Folio was born.
Yes, saving can be simple! Folio is the first application to market that allows users to create savings goals whether they are customised individual or collective goals. For instance, you plan a weekend with friends to Barcelona, define a global budget of £3,000 and everybody contributes with recurring payments every day, week or month. It’s a social savings app with the ability to create intelligent savings goals in a mobile-first context.
MANGOPAY’s early-stage support was crucial
Marvyn explained how his entrepreneur journey began: “I was about to start in consulting at Ernst & Young at the time. Two days after starting the job, I resigned. It was a tough choice but I was determined to build Folio. I was lucky – I found an investor quickly but I had to work on my own for the first six months. It was difficult, but I was certain that this was a really great way of resolving the financial stresses that many of us carry. Now there are seven of us in the business so I’ve got a great team.”
Marvyn chose MANGOPAY for a number of reasons: “Of course, when you choose a payment provider, you have to consider the features and the price, but it’s also about the relationship and trust you have with the person in front of you. I had an excellent fit with James [James Morton, UK Country Head]. He really understood my business model and my needs in terms of payments. »
The fact that MANGOPAY is fully regulated was also hugely important to the Folio team. MANGOPAY can hold all Folio’s users’ funds in e-wallets, removing any requirement for the app developers to be regulated by the Financial Conduct Authority.
Small savings, big goals and recent launch!
Folio lets its users create savings goals tailored to their specific needs – be it a holiday, new smartphone or ticket to a gig – and lets them save daily, weekly, or monthly, as MANGOPAY payment flow is fully customisable. Savers choose the amount to save for their goal, the time over which they want to save, whether they want to save individually or as a group, and Folio collects the chosen amount and returns a lump sum at the end of the project. No jargon, no boring pages of small print, no financial flummery….
Marvyn and his team have become the “savings partner” of several educational institutions and are heading toward Series A financing next year. Folio launched in the UK and plans to expand to other countries very soon. You’d love to try? here it is
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