Hyve opened its social savings app to the public, letting friends round up into your goals

Free social finance app for saving, investing and debt payoff, described as a hybrid of Venmo and Acorns

A multiplayer ledger where supporters round up purchases and send money to a user's goals makes saving faster than solo apps, and can later be sold through employers

$2.25M pre-seed in January 2022 from The Flying Whale VC, MoreVC and the founders of Guardio

Hyve was built as multiplayer fintech infrastructure. CEO Royi Markowitz said its core is the ledger, and that converting a single-player ledger into a multiplayer one is very difficult for a company with hundreds of ledger line items.

After a year of testing with hundreds of beta users, Hyve opened to the public on 2023-04-05. Users link bank accounts, set automated deposits, create a goal and share it; supporters can match with round-ups or send money by credit card into the user's investment portfolio. Beta users formed hyves averaging about three people. Hyve was pre-revenue; it planned to charge for smart goals, student-loan payoff, lender referral fees and insights, and had signed its first employer (unnamed) adding 300 customers to a waitlist of about 1,000, paying a SaaS fee per employee.

Young users want to save and pay down debt, and friends can help meet goals faster

A multiplayer ledger allows credit-card contributions from others into a user's portfolio, a hard feature to copy

Employer distribution adds a B2B revenue path to a free consumer app

A year of beta testing gave goal and network data before opening to the public

Social finance has many entrants; Hyve's claim of differentiation is its ledger design, and with no revenue and a roughly 1,000-person waitlist its 100,000-user target is a projection.

As of 2023-04-05, Hyve was open to the public, pre-revenue, with about 1,000 on a waitlist and a new funding round expected later in 2023.