Utah-based Qube Money is helping customers improve their spending behavior and financial health with a modernized version of envelope budgeting–a popular money management method centered on setting aside a series of funds earmarked for specific spending categories.
Instead of stuffing physical envelopes with cash, Qube’s mobile banking and budgeting app enables users to divvy their money into different digital purses–known as “qubes”–for various types of spending, such as rent, utilities, groceries, dining out and entertainment, as well as saving for long-term goals such as home improvement, vacations and paying off debt.
The other key component of Qube’s platform is a companion payment card, which users preload with funds in the relevant qube when making a specific type of purchase–thereby enhancing clarity and intentionality around spending, preventing impulse buying and keeping users on track for financial health.
Galileo recently spoke with Qube Money’s President and CEO Shane Walker and CTO Marc Smith about how Qube and Galileo are helping consumers reach their financial goals by bringing the time-tested envelope budgeting tool into the digital age.
Mission: “We want to help millions of people break the paycheck-to-paycheck cycle, eliminate debt, and experience more peace, joy, and freedom with money,” said Walker. “We believe that's best done through a system that creates intentionality, so we've created a digital version of the cash envelope method, where users allocate money to different ‘qubes’ for specific spending areas, and they spend directly from those qubes.”
Founding: Qube is the brainchild of financial health coaches Ryan Clark and Shane Walker, who sought to combine the effectiveness of the cash envelope method with the convenience and modernity of digital saving and spending platform.
What Galileo Does for Them: Galileo supports a number of functions for Qube’s platform, including the movement and funds between qubes and the payment card, payment authorization, Authorization API, card issuing and integrations with third-party providers.
“Galileo has been crucial in making our system real-time. When users open a qube, the money is instantly available on the card, and transactions update in real-time,” said Walker.
Impact: “Our solution is for people who want to get their money to behave, to align with their goals. Qube Money helps them create a plan and spend from that plan, leading to more intentional and purposeful financial decisions,” noted Walker. ”When customers share how Qube has changed their lives, it reinforces our commitment to the mission.”
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