The idea for Qapital, like many big ideas, was a winding one. In 2010 - George and some close friends began moonlighting to build a better budgeting tool. 2 years later, Erik joined the team, and they decided to make it their full-time endeavor. After another year, they realized that a personal finance manager wasn’t really what the world needed. They decided there were enough tools to help people organize their money, but not much to help them save it.
During this time, George and his family had been trying to save money themselves. They had hacked other tools and set up 17 different savings accounts, each with a different purpose, so they could track their progress better. Having their savings goals broken out helped a lot - making it easier to understand that if they didn’t take a cab home, they could put that money directly towards their trip to Kenya. Plus it motivated them because each goal had an end point to reach. It didn’t feel like deprivation, it felt like spending money on the stuff they actually wanted.
In 2012 - they took that trip to Kenya. And then George and Erik decided to make Qapital a goal-based savings product. With unlimited, customizable goals accounts, automated savings deposits, and features to gamify savings - it made saving money easy and fun for the first time. Turns out what worked for George and his family worked for other people too. As the savings product took off, it was clear that this idea of goal based money management was bigger than just savings. So the team set their eyes on becoming a new kind of bank that would help people save, spend and invest with their goals in mind. A financial platform that would make money feel less stressful, and more happy.