Meemo raises $10 million

Social finance app Meemo is out of stealth mode according to a story by Crunchbase. The fintech startup is also disclosing an investment of $10 million led by Saama Capital, Greycroft, Monashees and Sierra Ventures with additional participation from Amit Singhal, Hans Tung and several former colleagues from Google and Snap.

Founded in 2019 and led by a team of former Google and Snap employees, Meemo is a free app that offers users automatic personal rewards based on their recent activity. After users link their financial accounts, they start to receive rewards based on their purchase history and they can also send money in the form of a flexible gift card to their friends. The app also helps users understand their finances by featuring the latest transactions, highlights, and recurring charges.

“We worked with Evan Spiegel at Snap for a few years building out a lot of products. After the IPO, we wanted time to pursue our own thing. We had learned how to build products for the masses, and we saw that there were very few products in the financial space that are built for the masses.” – André Madeira, co-founder of Meemo.

“We are very excited to back Dakka and Madeira in their creation of a new age finance app at Meemo that will combine improved financial management with deeper social engagement for today’s generation.” – Ash Lilani, managing partner at Saama Capital.