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Exceed Network Under 30 Spotlight: Isaac J. Kassin of Exeq

Exeq Isaac Screen Shot

Exceed Under 30 Spotlight- Exeq.io

November 21, 2016

Interview with Isaac J. Kassin, Head of Marketing

Founded in June 2015, Exeq is a personal finance application that allows its users to budget, save and invest in a manner so personal and customizable that it has the potential to shift the landscape of personal banking.

Exceed Network recently interviewed Isaac J. Kassin, Head of Marketing for Exeq, during which Kassin, 21, explained in detail why Exeq is not only different than other finance applications but why it is the future of banking. “Exeq is answering the call of millions of young people who don’t know how to budget and need serious help with their finances” said Kassin. “We realized the millennial generation -our generation- is largely clueless about finances. We don’t know how to answer basic questions about savings, retirement or investing.” Enter Exeq, the first finance app aimed exclusively at millennials.

Exeq believes so strongly in their ethos that they made sure to hire young. All eight members of the Exeq in-house team are under 28 years old. The application also looks and feels like it was designed for millennials. Its sharp edges, dark colors and simple user interface are far from the staid applications often put out by larger banks. Most importantly though, each member of the Exeq team brings their personal needs and desires to the table. This helped them decide on the most critical feature of the app. “The biggest issue most millennials have in terms of managing their finances is actively saving” said Kassin. To help their users save, Exeq built a simple and beautiful automated budgeting feature. It calculates real-time spending and sets users up for current and future savings. If a user wants to, say go on a vacation in a month, or buy a new pair of shoes, the user can set an amount and time frame, and the application will algorithmically pull funds from their savings to help them reach the amount they need and notify them when they have opportunities to save more based on their spending when they have enough funds, the user can cash out and make their purchase.

Saving can be tough for millennials due to their social lifestyles. To further meet this challenge,  Exeq provides a real-time chat bot that allows users to inquire about their personal finances. “How much could I spend on dinner today?” “How much money have I spent on Starbucks in the past 3 months?” “What is my profit the past 2 months?” Kassin mentioned that they are currently exploring technology that will give users a localized list of restaurants, bars, stores and more affordable within the user’s given budget. “We hope to develop personalization to a point where if you only have $15 to spend on dinner, the app will find a restaurant that fits your budget.” But Exeq doesn’t just do savings, assured Kassin. “We are a full-fledged investment application that allows our users to actively invest. For most users, this will be the first investment they ever make.” Exeq teamed up with Vanguard to give users the option to invest in various ETFs and other funds that meet their savings and risk allocations. “Users can choose their level of exposure and invest as little as $10 to start.” The Exeq team is sure that these low minimums will help drive their young market to feel comfortable with investing and ultimately growing their money through Exeq. Exeq also recommends investment and savings opportunities for their users.

“Being young and starting a business is both a gift and a challenge” said Kassin. “Raising money, in particular, is tougher when you are younger. You need to learn about rejection and the need to work even harder to get a ‘yes’.” But this hasn’t stopped Exeq from not only raising the money they need but raising smart money, too. “We have a powerful board. Every investor contributes their expertise, including two venture capitalists from California. Their ‘grey hair’ helps ensure we make the right decisions” said Kassin. “We have a great balance of young energy and older support.”

Kassin reassured this writer that starting a business, no matter what the age, requires passion and skill. “Like every business, you need to constantly iterate. The more information you get, the more the product changes. In the beginning, you aren’t working off of an existing structure. You came up with a thesis, a way to execute the thesis, and now you need data to test it. 99% of the time, the data makes you pivot and change. The challenge is balancing your vision with being flexible- focusing on what is going on around you while remaining steadfast in your goal.”

Exeq’s goal, according to Kassin, is to become the first digital bank catered toward millennials. “Most financial institutions don’t cater to young people because we don’t need many of their products yet and they can’t profit off of us. Most finance apps are also a one size fits all solution. We want to solve both of these pain points at the same time. A beautiful, intelligent and personalized application that millennials intuitively understand and trust. We want millennials to feel that their financial institution understands their habits and their goals.”

The Exeq application is currently in Alpha. It will be launching its promotional Beta build in the coming months and are currently building a waitlist that will help encourage virality, a necessity in today’s app world. Exeq’s mass market launch is scheduled for Summer 2017. “We are so excited to deliver this product to the market. What I love is that our team is the market. We understand these pain points and want to make a product we would use.”

Watch the interview here.

Sign up for early access to Exeq on their website here. Follow them on Facebook here.

 

Exceed Network’s ”Under 30 Spotlight” features various young entrepreneur’s from the community based on nominations. Have someone to nominate? Click here to add your nominee to our list of candidates

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