Communion

Communion Saves aims to help the millennial generation build a financial buffer and to fix their relationship with money. Its main product is a mobile savings account which offers an enhanced interest rate for referring friends to join the app. While there are a plethora of mobile-first savings accounts on the market such as Chip and Wise, Communion stands out with its financial education tools specifically designed for millennial savers. These include months’ worth of daily videos recorded by the company’s founder aimed at tackling the pressures, anxieties, and biases that the users may have around money.

Communion has recently closed a pre-seed funding round led by Target Global and several prominent angel investors in the personal finance and retail investing space. It is now moving to expand its market share and build out its product, including the upcoming release of its Android app and building out a subscription fee model. While it remains to be seen how the company will fare in the crowded personal savings market, its laser focus on the millennial experience should deliver it a very large niche to grow into.