Cinch
Mobile Wallet App to Benefit Local Communities
Company Overview
Snapshot
Founded in January 2015 by Jack Elaad, Maya Komerov, and Marc Liebmann, Cinch operated with 11–50 employees. The company raised $1.4 million across one funding round from 2 investors. In February 2019, Cinch ceased to operate.
Business overview
Cinch developed a mobile wallet application designed to foster vibrant local communities by connecting businesses, consumers, and community initiatives. Its core product, the Cinch Mobile Wallet, encouraged local shopping by offering savings to consumers while channeling a portion of local proceeds back into community causes. The company operated within the Fintech & Insurtech sector, specifically targeting SMBs, restaurants, and retailers in the United States.
Strategic signal
In January 2018, Cinch demonstrated its community-focused model when a contest winner donated $1,200 to the Rockville Centre Breast Cancer Coalition. This event highlighted the company's commitment to local causes and its ability to generate tangible community benefits through its platform, signaling its potential as a socially responsible fintech solution.
Log in to access full profile ›Company Intelligence Q&A
- What is Cinch's primary business?
- Cinch developed a mobile wallet application, the Cinch Mobile Wallet, to connect local businesses and consumers, encouraging local shopping and channeling a portion of proceeds back into community causes.
- When was Cinch founded and by whom?
- Cinch was founded in January 2015 by Jack Elaad, Maya Komerov, and Marc Liebmann.
- What was Cinch's operational status?
- Cinch ceased to operate in February 2019.
- How much capital did Cinch raise?
- Cinch raised a total of $1.4 million across one funding round in October 2015.
- Which investors participated in Cinch's funding round?
- In October 2015, Cinch secured $1.4 million in funding from lool ventures and iAngels.