Lean Financial: Unlocking The Door To The 'Lean' Money Supply

The Benzinga Fintech Summit is an event for those interested in finance, entrepreneurship, capital markets, deal-making, networking and accelerating their business.

It's a chance to interact with and learn from founders, C-Suite institutional executives, leaders of the biggest and hottest fintech companies, brokerages, banks, quants, hedge funds and managing directors from VC funds about the future of financial technology through networking hours, exhibiting, panels and keynote addresses.

To get you prepared for the event, Benzinga will profile each fintech company exhibiting. Want to get involved? Submit your company here.

For this installment, we spoke with Lean Financial's Brendan Lewis (answers may have been edited for length and clarity).

Lean Financial

Benzinga: What does your company do? What unique problem does it solve?

Brendan Lewis: Long story short, this is the opposite of a credit card. Lean Financial moves consumers off the “batch” money supply system (checking accounts) and to a “lean” money supply system through a free budgeting interface. Lean supply systems are a supply chain management strategy that reduces waste by providing just enough access to resources just in time to fulfill its need.

Consumers use out free budgeting interface to maximize interest revenue while reducing financial waste and anxiety. Customers stay on pace with their needs by organizing future purchases into equal monthly saving installments. Deposits are then locked away generating guaranteed interest revenue until the purchase, turning future purchases into current investments. Needed funds are unavailable to be squandered, your left with what you can spend today and still buy what you want in the future

BZ: Who are your customers?

Lewis: United States citizens 18 and over who want help saving for future purchases. Budgeting can help anyone and I can target customers at a wide range of incomes, saving for a wide range of products. Customers with less money will use it to keep themselves out of debt, while customers with more money will use it to manage their risk tolerance. I want people to save for everything, from their next oil change, computer and car, this year’s Christmas presents, investments and pet’s heartworm medication, to their dream ten-year anniversary, kid’s first car or down payment on their retirement home.

BZ: How long have you been in business?

Lewis: Since June 2017.

BZ: Where are you located?

Lewis: We're in Detroit, Michigan.

BZ: Who is your company's leadership? What kind of experience do they have?

Lewis: I am the founder and CEO, and I have a background in management, finance and accounting. Development is done with AMBR Detroit from the heart of downtown Detroit, Michigan, specializing in web and mobile applications, interactive and print design.

BZ: Anything else Benzinga should know about your company?

Lewis: There was a time when Ford Motor Company F would buy a bunch of metal and slowly as they made cars use all the metal up and then buy a bunch more.  Now, Ford figures out exactly how many cars they are going to build next month and they buy exactly that much metal. This is the concept I’m trying to bring to consumer’s money supply.

Here is an example with math: you have $5,000 to remodel your kitchen in 5 years, with monthly installments of $81.97. You make deposits as low as $76.14 because your deposit generates guaranteed interest until needed for the purchase. Every month you make that deposit you know you’re on your way to a new kitchen.

If you’re looking for cool fintech startups and access to top financial institutions, and are sick of attending stuffy corporate conferences, the Benzinga Fintech Summit is the event for you. Visit www.bzsummit.com for more details.

Connect with us on social media — use the hashtag #BZAwards and #Fintech to spread the word.

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Image Credit: leanfinancial.com