Ivella is a financial technology company breaking new ground by presenting couples with unique financial solutions to make life easier. Traditional banks have created one so far: a joint bank account. Now this company is taking things one step further. Users can split transactions using the Ivella app, which allows two individuals to remain financially independent while sharing life’s money moments.
What is Ivella?
Ivella feels couples are one of the most underserved customer demographics by banking institutions. Ironically, this demographic presents the largest share of consumer spending across the entire U.S.
The company started with a Split Account for users; there’s more to come. Plans are in place to introduce more features, products, and services in the coming years, including budgeting and analytic tools, joint investment accounts, and additional credit products. The idea is to allow couples in early-stage relationships to aim for financial empowerment. Ivella believes financial products that present differentiation and match social trends can inspire change.
This service is free and has no monthly fees, minimum balance requirements or overdraft fees, and it makes its money off the revenue from interchange fees.
Based in Santa Monica and founded by Eric Want, Kahlil Lalji, and Vishal Dubey, Ivella isn’t a bank or a budgeting app. Still, it’s addressing a significant consumer financial tech market gap.
What Features and Services Does Ivella Have?
Ivella provides users with access to its app and a Visa debit card. Both features allow clients to divide transactions between two people anywhere, anytime easily.
Ivella App
The Ivella App works with both iOS and Android devices and is free to download and install. With an easy-to-use interface, users can get started in minutes and begin a financial relationship that compliments their real-life connection.
Ivella Card
Both partners receive an Ivella Visa Debit Card after they sign up. When you use this card, the money you pay for a transaction is deducted directly from your checking account. No monthly fees are charged, including minimum balance fees and overdraft charges. Ivella says they are working on providing cash-back features and other perks, but this would be provided for a monthly fee.
As with other major credit cards, this one is protected against fraud. Each case seems to be determined on an individual basis.
How Does Ivella Work?
When users use the Ivella Visa Debit Card, the transaction is automatically split between the two parties associated with the account according to the ratio they have set. Ivella does it all automatically. This Split Ratio can be changed at any time, and users can also go back post-transaction and edit how a transaction has been shared to reflect a different ratio.
Both partners need to set up an Ivella account and link them. They must also agree to change the Split Ratio if they wish to, which can be done anytime.
Connect to Your Partner
It’s easy to connect with your partner on Ivella, and it only takes minutes. Both users need to start an account through the app to split transactions. After that, users decide how and when to use Ivella’s features to suit their connection.
Add Money
Ivella supports ACH transfers from all major banks in the U.S. that are connected through Plaid. Plaid is secure and allows users to link financial applications to their checking accounts by instantly encrypting sensitive data and using a secure connection to transfer funds. Add money at any time.
Split Transactions
Users determine how they want to split transactions by setting a Split Ratio. Users can see how each transaction has been split (50-50, 40-60, etc.) and how much each person has paid towards each transaction. If one partner earns more than the other and both partners want to reflect this when sharing, they can.
Tracking Spending
The Ivella app makes it easy for users to track their spending. Just like a bank account, couples can access a history of their transactions and see how much they’ve spent over time. These records show how each transaction has been split and who paid what. This can allow users to budget more effectively and manage their money.
What are the Advantages of Using Ivella?
Ivella can make it easier for couples to navigate those difficult moments when paying the bill. Nothing puts an end to a romantic dinner than arguing over who’s paying this time around. With the app and card, users can swipe and know everything is handled. This allows both partners to have greater control over their personal finances and to keep them connected yet separate, unlike a joint bank account.
Users still have their own personal accounts with a bank and control how they invest and save. This allows couples in the beginning stages of a relationship, either while dating or recently married, to share a greater connection than friends without going into full force financially just yet.
How Does Ivella Compare?
At the moment, Ivella is rather unique. There are other financial apps for couples, but these generally revolve around budgeting and don’t venture into splitting transactions. These include apps such as:
- Honeydue
- Goodbudget
- Mint
- YNAB
The Honeydue app allows couples to see each other’s accounts, including bank accounts, credit cards, investments, and loans, so users can easily find everything at once in one place. For its part, Goodbudget allows couples to track their debt. Mint is similar to Honeydue, and YNAB has couples give every dollar a “job” to create a zero-based budgeting system. However, nothing else so far allows for easy splitting of transactions at the moment.
Is Ivella Right for You?
Ivella says its Split Account is designed for couples in the early stages of their relationship. This might mean you’ve been together for weeks, months, or years, depending on your outlook. If both people in a couple search for ways to make transactions they share easier, Ivella can facilitate this.
How to Get Started with Ivella
Ivella is available from the App Store in the U.S. The company has a waitlist for Android users to sign up and be notified when the Android version is available. To get started, users can download the app and set up their accounts in minutes. After signing up, both partners will receive an Ivella Visa Debit Card.
