A New York startup that wants to change the way millennials think about saving money has named a former LinkedIn engineer as its CEO.
Derek Brown joined Exeq in January as chief technology officer, according to his LinkedIn profile. He is assuming the CEO position just before the company’s mobile app goes live in August.
He previously led product development teams at both LinkedIn and Addepar, the investment technology company, according to a news release. At LinkedIn, Brown managed the team responsible for operating Recruiter, its flagship tool that head hunters use to scout talent, according to release.
Exeq‘s budget app will strive to help users spend less money using consumer data. Brown told Business Insider that most budgeting apps view money as an end. Exeq views money as a means to end.
“They make managing your finances a fearful experience,” Brown said. “People then associate spending with something negative and so saving money becomes a negative experience. We believe you shouldn’t be afraid to look.”
The point of the app isn’t to make people feel guilty about buying the things they love so that they curtail their spending to hit a certain savings goal. Rather, it is to help people make more efficient decisions about their spending. It does so by notifying users when slight changes to how they spend can be made. For instance, the app might alert a person who frequents a coffee shop on their way to work that there is a more affordable alternative nearby.
“Our focus isn’t on working towards a certain number, ” Brown said. “It’s about being able to enjoy the experiences you love in a smart way.”
Exeq was founded in 2015 by four New York City college students, and currently has a waitlist of over 25,000 people, according to a news release. Exeq has raised $US2.2 million in seed funding from venture capital firms and Barclays, the UK financial services firm, according to Brown.