After Wisam Dakka and André had left Madeira Snap 2018, the two long-time product developers and programmers were looking for a new app.
When they looked around, they found that there was no financial product that appealed to the generation of consumers for whom they had worked for the last part of their professional lives, and decided that it would be their next project.
"Our understanding is that an individual's relationship with money is delicate and emotional. Most financial apps are not accepted by the masses because they are strict, lack empathy, and are unconsciously perceived as judgmental, so they are downloaded frequently and then ignored, ”Madeira said in a statement.
Your solution that comes onto the market today is Meemo .
It is a combination of personal financial monitoring, rewards and gifts as well as a social shopping app in one.
“One of the things we learned at snap if you want to reach the masses, you have to change the way you build an app. It has to be effortless, ”said Madeira. "It has to be automatic and social, so we want to create an app that combines all of that."
Once a user downloads Meemo and connects their main bank account or credit card to the app, Meemo gives that person insight into their spending history and possible rewards.
For most users, the first experience comes from a gift card. It turns out that Dakka and Madeira believe that giving will be the secret sauce for the growth of the company (although it is hardly rocket science to get people to use anything if they have money or free things are given).
There is also the social element that the two men believe will be a tie as well. Meemo offers recommendations and social confirmation from friends by collecting and sharing their purchase history.
Once a user downloads Meemo and has a history of their transactions, the app shows the places where the user spends the most money. You can then send your friends gift cards for their favorite restaurants. Ultimately, the goal is to get restaurants to subsidize the gift portion and their buyers to act as a direct marketing channel.
Shops can only see who receives the gifts when they come to the store. Meemo hopes to create a profile of a user's shopping habits based on their purchases and offer discounts on places that they may not visit as often but that match their customer profile.
The company is backed by investors such as Saama Capital, Greycroft, Monashees and Sierra Ventures together with individual investors Amit Singhal, Hans Tung, and series entrepreneurs as well as the colleagues of the co-founders of Google and Snap.
Madeira and Dakka met for the first time on Google Search and find the Snap office in San Francisco. The team is rounded off by longstanding friends like Robson Araújo and Ranveer Kunal.
"We are delighted to support Dakka and Madeira in developing a new age finance app at Meemo that combines improved financial management with deeper social engagement for today's generation," said Ash Lilani, managing partner at Saama Capital, in a statement. "With Dakka and Madeira's past experience of building talented teams and developing viral products, we believe that Meemo has the opportunity to become a leader in this area."
The name of the company is derived from a Portuguese word "mimo", which according to a statement means a loving reward. It can be downloaded on iOS and Android.