Why we're free

The dream behind Plenty

"We dream of a future where families have plenty for the things they want in life." - May 2024

Years ago, when Plenty was just a pencil-drawn sketch in a notebook, Channing and I dreamed of making it free. Because we knew that money is hard and overwhelming enough, without the additional price tag to stay on top of things.

Today, I couldn’t be more excited to share: Plenty's money app is now free.

Knowledge is power

Money can be confusing. And overwhelming. And triggering. 

But the first step to taking control of your future, is to answer three critical questions:

• Where are we now? 

• Where's our money going?

• How do we move forward smartly?

For too long, there was too much work or worse, too big a price tag.... on answering these questions. That meant too many people left behind. Plenty’s product pillars were built around making it simple to answer these questions.

• Where are we now? → Net worth tracking

• Where's our money going? → Cashflow tracking and budgeting 

• How do we move forward smartly? → Saving and investing

  
  

Enter the Mint era

Mint proved that free financial tools could be transformative for the 20M+ individuals looking to answer "where's our money going"? But ultimately, their business model wasn't built to serve its customers. It was built on selling credit cards. Eventually... their users ran out of needing yet another credit card. The biggest issue: the business's incentives weren't aligned with what's good for the customers (more on that in my blog post here). So we went to the drawing boards, to take these learnings and dreamed up a new approach. 

No ads. No selling data. No credit cards.

At the core of every business is their business model. At the core of their business model, is the incentives that permeate every layer of decision making around the product, the design, the marketing, and even customer service.

From the beginning, our team didn't believe in building a 'free' experience that served ads, or pushed financial products that might not be in people's best interest (like yet another credit card to someone with thousands in credit card debt). We set out to build a new kind of business model, one where we grow only when you grow.

We make money when you build wealth.

Our mission is simple: wealth for every household.

As of today, Plenty's tracking and budgeting products are free. There's no price tag on answering the essential questions that help you better understand your money. This makes it even easier for you and your partner to talk money without hours of ‘work’ after busy-enough work days.

We make money when you save and invest with us. We're transparent with our incentive: we're here to build your wealth, together. We'll do that by continuing to bring you access to some of the best products that we've seen the wealthy use:

• Short term savings: 4.4%* for your cash - no referral gimmicks

• Medium term savings: “do it for me” investing for a $2 annual fee per $1000 invested - with automated advanced tax strategies (ie. direct indexing) + values-based personalization

• [Coming in 2025] Long term savings: retirement and alternatives (earn 2-4x more than stocks + bonds)

  
  

To a year of growth

We're grateful to the community of thousands of couples that we've shared this journey with so far. And for the privilege of being the 'first' place a couple comes to navigate saving and managing their money together.

Whether you’ve been with us from the beginning or you’re just discovering Plenty, we’re excited to have you with us as we take this next step. Thank you for the privilege of growing alongside you.

Here's to growing wealthy, together.

~ Emily Luk Allen & Channing Allen, Cofounders of Plenty

Claim your free membership here.