MoneyReef Launches, Bootstrapped with $650K


MoneyReef, a Provo, Utah-based startup that’s developing mobile, financial tools for consumers, officially launched today, bootrapped with $650,000 from its co-founder and CEO Keith Nellesen.

PRESS RELEASE:

MoneyReef today announced its official launch, aided by a $650,000 seed investment from co-founder and CEO Keith Nellesen. The company, which develops feature-rich, easy-to-use apps for mobile users, is using the proceeds from this initial round to develop a diverse collection of innovative mobile-focused products, including a personal finance app for the iPad and iPhone.

A seasoned, successful entrepreneur and angel investor, Nellesen co-founded Vivint (previously APX Alarm), where he served as CFO and president for the company as it grew from 19 employees to more than 4,200 during his decade-long tenure. Nellesen holds a master’s degree in accounting from Brigham Young University.

“MoneyReef’s core strategy is to develop mobile applications with rich feature sets and unparalleled ease of use that help consumers manage their professional and personal finances,” said Nellesen. “These advantages in turn result from the quality of our phenomenal team of engineers, product designers and finance gurus, hand-picked for their ability to create simple and pragmatic mobile solutions.”

Nellesen has assembled an able and experienced team to lead MoneyReef. Co-founder and President Jason Cragun brings over 20 years management and hands-on software development to the team.

Cragun’s most recent venture, a suite of iOS products for the home security industry was recently acquired by Vivint.  Cragun is a graduate of Brigham Young University. Co-founder and CTO LJ Kyser, with 12 years of professional web- and product development experience, previously co-founded HomesandLoans.com, where he served as VP of product development. Kyser is a graduate of the University of Washington.

The company’s COO and vice president of business development, Jared Huish, joins MoneyReef after seven years of management and sales experience at Vivint, in which he generated approximately $19 million in revenue, originating more than 11,000 security systems in cities throughout the U.S. Huish holds a master’s degree from the London School of Economics.

The company’s flagship product, Finance by MoneyReef, is one of a growing suite of innovative products envisioned by the MoneyReef leadership team, and the company is now providing beta invites upon request. Finance by MoneyReef is an easy-to-use, personal finance and budgeting mobile app created specifically to take advantage of the convenience, intuitive interface and accessibility of the iPad. A companion app has also been optimized for the iPhone.

“With the mobile banking industry anticipated to soon surpass 50 million users, our products will address needs not being met by current products in the marketplace,” added Nellesen. “Based on an our analysis of existing products and the needs of individuals and companies, we are building mobile apps that will far surpass the feature sets, mobility and ease of use of everything else out there.”

About MoneyReef

MoneyReef (www.moneyreef.com  is a software company focused on developing mobile applications. Its robust, innovative financial tools possess an industry-unique combination of rich features, flexibility and ease of use that empower consumers to interact with their personal and business financial information in entirely new ways. MoneyReef’s rigorous technology platform stores and analyzes consumer behavior, while its sophisticated marketing platform brings relevant offers to consumers and extraordinary marketing conversion rates to merchant partners.

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