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.”
How Mo and Galileo Are Paving the Way for All Types of Credit
Learn how Mo Credit Management Platform, in partnership with Galileo, is transforming credit management across Latin America. With a focus on innovation and accessibility, they offer competitive, scalable credit products, from microloans to credit cards.
Why Banks Should Use Customer Experience as a Roadmap for Tech Modernization
For banks setting out on the journey of tech modernization, focusing on solving customer problems can serve as a North Star to guide the way.
Is Banking’s Future Composable? Here's What FIs Need to Know
To compete with digital-native fintechs, traditional financial institutions must move beyond a one-size-fits-all approach. Composable banking enables FIs to reimage their role and stay relevant in the industry’s digital future.
How SoFi and Galileo Work Together to Help People Get Their Money Right
Explore the synergistic relationship between SoFi Technologies Inc. and Galileo Financial Technologies, as they join forces to redefine financial services. Learn how SoFi, with its comprehensive suite of financial tools, collaborates with Galileo's advanced payment processing and technology solutions to empower individuals to manage their finances effectively.
Why Banks Should Rethink Their Digital Wallet Strategy
Research shows digital wallets usage is booming, but banks risk losing out on this growth opportunity unless they adopt a more aggressive strategy to offer their own wallets.