MoneyComb, a startup focusing on ways to help people better manage their money, is the latest venture from veteran investor and finance executive Mel Mattison. MoneyComb is among the presenters at next week’s CED Tech Venture conference.

A finalist for an NC IDEA grant earlier this year, MoneyComb is “a new kind of personal finance and budgeting experience,” according to Mattison. “Our premise is simple: It’s hard to save, invest or pay off debt if spending is out of control. It’s also tough to change essential expenses like rent or car payments. That’s why MoneyComb focuses on six actionable categories of day-to-day spending.”

Mattison, who earned an MBA at Duke, has more than 15 years in financial services and product development. He was founder and CEO of MayanHeart, an online retail business sold in 2004, and also has worked with Russell Investments, United Capital and Girard Securities.

This profile is the latest in a series about CED Tech Venture presenters published as part of a partnership between the CED and WRAL TechWire.

The Q&A:

  • What is the focus of your business?

MoneyComb is a new kind of personal finance and budgeting experience. We help users spend where they want, so they can save what they want. Our premise is simple: It’s hard to save, invest or pay off debt if spending is out of control. It’s also tough to change essential expenses like rent or car payments.

That’s why MoneyComb focuses on six actionable categories of day-to-day spending. Things that users can actually do something about, for example, Eating Out, Travel, Entertainment and Shopping.

MoneyComb helps users set up a spending plan in each of these key categories, monitors future spending and helps users stay on track financially while still doing what they love. Simply put, our purpose is to optimize spending for happiness all within a budget sufficient to meet a user’s financial goals.

  • What is the top pain point/business application you are seeking to address?

Recent studies show 75% of Americans are currently under financial stress. Society would have us believe the problem is underfunded 401(k)s and low savings rates. But those are just symptoms. The real cause is buying too much stuff that doesn’t really improve our lives.

Furthermore, over 86% of American households struggle with money and the vast majority of millennials feel neither prepared nor content with their finances. Currently, online “roboadvisors” like Betterment are great solutions for investable assets. More broad-based applications like Mint do a good job showing users their entire financial picture as a historical snapshot.

MoneyComb, however, is more tactical, forward-looking and behavior orientated. We focus on the primary cause of financial stress, low savings rates and high debt levels which quite simply is over spending.

  • What makes it unique?

MoneyComb is currently the only personal finance software we know of with such an emphasis on

1) enjoyment or utility of spending

2) the user’s own personality and lifestyle

3) actionable, discretionary spending.

What’s more, we use uncommon, common sense. For example, while it’s sometimes convenient to look at spending month by month, life tends to be more fluid than that. So our Spend Trend graphics look at a “rolling” 30-day period for all our categories. This lets the user see their spending as it actually happens: continuously over time.  It also helps avoid overspending at the beginning of a month and then not having money left for the end.  Moreover, we have incorporated cutting edge behavioral insights researched during our time at Dan Ariely’s StartUp Lab at Duke.

Behavioral science has demonstrated that changing behaviors is difficult; long-term thinking and education don’t typically work. For MoneyComb to really change behaviors, it must be tactical, almost day-to-day in its focus. It must be enjoyable and easy to use. Lastly, it must employ techniques that have been proven to nudge behaviors. These techniques include commitment making (even commitments to future-self), focus on short term challenges over long term goals, positive social influence and others.  The MoneyComb UX integrates all of these mechanisms to change spending behaviors.

  • Why should investors be interested in your firm?

MoneyComb has enjoyed tremendous growth and traction in the less than 12 months since being founded in Fall 2015. Our platform provides priceless insights into our users’ spending habits and aspirations. This information will power a best of breed product referral platform that is targeted, data rich, trusted and profitable.

Some milestones to date:

  1. Funding Milestones: Co-founders – $10,000+, Duke University – $60,000+
  2. One of only two startups selected for new incubator program at Duke University led by Dan Ariely. Completed the 9-month program in July 2016.
  3. Selected as NC IDEA Grant Finalist in Spring 2016 grant cycle.
  4. May 2016: Soft launch of MoneyComb; average growth 156% month over month (May – August).

Business facts:

  • Website – http://www.MyMoneyComb.com
  • Email address for inquiries – mel@mymoneycomb.com
  • Physical address – 2223 Gablefield Lane, Durham, NC 27713
  • CEO – Mel Mattison