Apps like Venmo and Cash App have long replaced paper checks as a preferred method for sending money to friends and family. But for special occasions like weddings, graduations and other gift-giving moments, a lot of today's digital payment apps can feel a little too casual and impersonal.
"When it comes to these more meaningful occasions, I still love the convenience factor (of Venmo), but there's something about it that feels a little tacky," said entrepreneur Chelsie Patterson.
To create a more personalized gifting experience, Patterson and co-founder Jeff Borders launched Memento, an iOS and Android app that allows you to send money to someone, along with a recorded video message.
Memento connects to both the sender and receiver's bank account, and charges the sender a $1 fee for every $25 sent. Its key differentiator is its ability to send a video message that the recipient receives in the Memento app, which allows users to put a more thoughtful and meaningful touch on their gift. The app launched about a month ago and has more than 200 users, Patterson said.
The logical use cases for Memento are around weddings, Bar and Bat mitzvahs, birthdays and other special events. But with many weddings and other in-person events canceled this year, Patterson said users are sending Mementos to friends who are going through tough times and using it to give other kind messages to people during Covid-19 quarantines.
"We’re seeing a lot of 'thinking of yous' and 'thank yous,'" she said.
Another use case for Memento is charities, Patterson said. The app is currently urging users to share funds and video messages with local Chicago charity “My Block, My Hood, My City.”
Patterson, who received her MBA from The University of Chicago Booth School of Business in December, said the startup is also eyeing gift cards as a future offering on the Memento app. The startup completed UChicago's Polsky Accelerator program last summer.
Patterson said she expects the app to continue to grow as the wedding season and other events resume in the coming months and into 2021.
