ImpulseSave, the startup that launched last year at Disrupt San Francisco 2012 with a mobile app aimed at encouraging people to put away money in their savings accounts, has been acquired by Betterment, the investment platform for savings, the companies have confirmed to TechCrunch.
It’s a natural combination, as both Betterment and ImpulseSave focus on encouraging financial responsibility particularly among young adults. But ImpulseSave’s technology won’t be incorporated into Betterment at a visible level, at least for now. As of today, ImpulseSave is no longer bringing on new customers, and the service will be shut off completely on November 1.
Here’s a statement from ImpulseSave on the acquisition:
“Our mission at ImpulseSave has always been to build a great product that has improved the financial lives of our customers. With that mission in mind, we couldn’t be more excited to join the Betterment team. They share our belief that great technology paired with intelligent design can enable us to make smarter financial decisions and reach better outcomes.”
Financial terms of the deal haven’t been disclosed, but it’s likely to be on the small side: ImpulseSave currently has four employees listed on LinkedIn, but the number that will be joining Betterment has not been confirmed. Betterment, which has raised $13 million in venture capital since it was founded in 2008, has 40 full-time staff.
Here’s ImpulseSave founder and CEO Phil Fremont-Smith demoing the company last year at Disrupt:
