Business & Investor Press Kit
Gamifying Personal Finance for the Next Generation
Cove is an SEC-registered investment adviser building at the intersection of mobile gaming and wealth management. By applying game design principles to financial products, Cove is solving the engagement problem that has plagued fintech for decades.
Company Overview
Company Description
Eden Financial Technologies Inc., operating as Cove, is an SEC-registered Investment Adviser that has built a mobile platform at the intersection of gaming and personal finance. Cove's thesis is straightforward: the same behavioral mechanics that drive $100B+ in annual mobile game spending can be redirected toward wealth building. Cove users open brokerage accounts custodied at Alpaca Securities LLC (FINRA/SIPC member) and access FDIC-insured savings through the Alpaca cash sweep program. They invest in curated ETFs presented as "Grow Decorations" that visually reflect market sectors, and they build emergency savings through "Stash Decorations" that represent saved funds. The gamification layer (daily engagement mechanics, collection systems, social competition) drives retention and deposit frequency far beyond traditional fintech benchmarks.
Key Facts
- SEC-registered Investment Adviser (RIA) with fiduciary duty
- Brokerage custody through Alpaca Securities LLC (FINRA/SIPC)
- FDIC-insured savings up to $1M through cash sweep program
- High-yield savings with no minimum balance and no cap on APY-earning balance
- No trading fees, no hidden fees, no payment for order flow
- Families product where parents can get their kids set up with a Cove island
- Full COPPA compliance for youth accounts
The Industry Problem
A Broken Interface Between People and Their Money
The traditional banking experience was designed decades ago for an era of branch visits and paper statements. Digital banking inherited that paradigm almost unchanged: a balance, a transaction feed, and static charts. These interfaces are functional but fundamentally passive. They provide information without creating engagement or incentive to positive actions. The consequence is measurable. The average consumer banking app sees 2-3 sessions per month, and the majority of Americans under 35 have less than $1,000 in savings. 47% cannot afford a $400 emergency bill. The interface between people and their money is broken at a behavioral level, and the industry has largely ignored it.
Neobanks: $50B+ in Funding, Zero Behavioral Innovation
The neobank wave, including Chime, Revolut, Cash App, SoFi, and dozens of others, has attracted over $50 billion in venture capital. Yet the core product innovation has been remarkably shallow: lower fees, faster transfers, better UI polish, and incremental reward structures. These are logistical improvements to the same passive experience. Open any neobank and you're looking at the same transaction list with a different color scheme. None have meaningfully changed how often users engage, how much they save, or whether they start investing. The fundamental metrics that actually matter (savings rates, investment participation, daily engagement) have barely moved despite a decade of fintech "disruption". While ecommerce and mobile gaming have hyper-optimized conversion rates through behavioral psychology, personal finance has not. The industry has been optimizing the wrong layer.
Cove Competes with Where the Money Is Going
The core barriers to saving and investing are not logistical. They're behavioral. Saving feels like deprivation. Investing feels intimidating. Financial progress is invisible and unrewarding. These are the actual problems, and no neobank has addressed them because they require a fundamentally different product architecture. Cove is purpose-built to solve them. By applying proven game design mechanics like collection systems, daily reward loops, visual progression, and social competition to real financial products, Cove transforms passive account holders into daily active users who save and invest as a byproduct of engagement. The model inverts the mobile gaming economy: instead of engagement driving spending, engagement drives wealth building. This philosophy is the core of our company. We are both a neobank and a game studio, and we view our competition as other mobile games not other neobanks. When someone gets their paycheck, we want to be top of mind for where they want to use it. Cove is creating a whole new category.
Traction & Key Metrics
1,300+
Registered Users
(funded accounts)
+73%
MoM User Growth
from organic and paid acquisition
SEC
Registered
Investment Adviser
FDIC
Insured Savings
up to $1M
SIPC
Protected Securities
up to $500K
$4T+
TAM
US digitalwealth management
Market Opportunity
The Engagement Gap
Traditional fintech apps see median monthly usage of 2-3 sessions. Cove's gamification layer drives daily engagement through mystery crates, streaks, and social competition, all mechanics proven in mobile gaming.
Gen Z Wealth Transfer
The largest intergenerational wealth transfer in history is underway. Gen Z and Millennials will inherit $84 trillion over the next two decades, yet most lack foundational financial literacy. Cove builds these habits early.
Families as Growth Vector
Cove's Families product turns one user into a household. Parents pay $9.99/month for full parental oversight of up to 5 children's accounts, creating a subscription revenue layer on top of the advisory fee model.
Product Screenshots
High-resolution screenshots of Cove's financial features.
Home Screen
The primary interface. Each decoration represents real saved or invested dollars.
Vault & Portfolio
Central hub for deposits, withdrawals, and a full view of net worth across all positions.
ETF Investing
Curated ETFs presented as Grow Decorations. Visual performance tied to real market data.
Savings Yield
FDIC-insured savings earning competitive APY through the Alpaca cash sweep program.
Island Overview
A fully built island. Visual complexity scales with the user's financial engagement.
Emergency Savings
Stash Decorations represent soft-locked emergency savings, reducing impulsive withdrawals.
Collection System
The collection system drives deposit frequency. Completing it requires over $2,000 in savings.
User Testimonials
Jacob
Age 34
“An exceptional way to save money! The app works well, it's simple and easy to use. Definitely recommend this for young people having trouble saving money.”
Tay
Age 24
“So far I can see a lot of future potential in building a good value folder of investments in this game. The founders do everything to fix any and all issues! I highly recommend this game to anyone looking for a fun way to invest for future returns!”
Avery
Age 25
“This app is in the early stages but has serious potential. I love the idea of gamifying a savings account. It's done in such a cool way with personalized islands decorated by your money. I can't wait to watch this app grow with time!”
Mammy
Age 20
“Imagine being addicted to saving money and managing your personal finance in a way that's innovative, smart and fun. Whereas most games of this caliber cost you money, this one saves your money for you while still providing the same level of fun.”
Ben
Age 20
“I absolutely love this app. If you have kids or are a beginner at investing and saving this app is a godsend. It makes saving money fun as opposed to regular bank account.”
Names have been changed to protect client privacy. Testimonials are based on unique experiences from current clients and are not representative of all client experiences. Testimonials are unsolicited, and no cash or non-cash compensation is provided. Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. Additional information about Eden Financial Technologies Inc. DBA Cove is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC's Investment Adviser Public Disclosure (IAPD) database at IAPD - Investment Adviser Public Disclosure - Homepage, CRD# 801-130646.
Founder
Short Bio
David Wolfenden is the cofounder and CEO of Cove, the fintech app that gamifies personal finance through an island-building experience. A lifelong entrepreneur, David founded Cove while in college after realizing that the same game mechanics that drive in-app spending could be redirected toward building real wealth.
Brand Assets
Please do not alter, rotate, or recolor Cove brand assets. Use on solid backgrounds with sufficient contrast.
Cove Logo (Light)
Cove Logo (Dark)
Cove App Icon
Press Contact
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Eden Financial Technologies Inc. ("Cove") is an SEC-registered Investment Adviser. Brokerage services provided by Alpaca Securities LLC, member FINRA/SIPC. All metrics are approximate and subject to change. Nothing in this press kit constitutes an offer or solicitation to buy or sell securities.
Eden Financial Technologies Incorporated ("Cove") is not a bank. Cove is a financial technology company and an SEC-registered Investment Adviser. Registration does not imply a certain level of skill or training. Banking services are provided by Alpaca Securities LLC.* Annual Percentage Yield (APY)
The APY displayed on this website represents the minimum rate available to customers enrolled in the cash sweep program. This APY is subject to change at any time without notice and is not guaranteed. The APY is generated from uninvested cash held in a brokerage account through a sweep program, which is not a traditional savings account. More information can be found in the Alpaca Customer Agreement.
* & ** Cash Sweep Program
Uninvested cash is swept to one or more FDIC-insured program banks through our partner broker-dealer, Alpaca Securities LLC. Each program bank provides FDIC insurance up to $250,000 per depositor, allowing up to $1,000,000 in combined FDIC coverage if your cash is spread across four partner banks. FDIC insurance does not cover any securities or other investments. More information can be found in the Alpaca Customer Agreement.
** Investments & SIPC Insurance
Brokerage services are provided by Alpaca, a registered broker-dealer and member FINRA/SIPC. Investments held in your Cove brokerage account are SIPC protected up to $500,000 (including up to $250,000 for cash). SIPC does not protect against losses due to market fluctuations. More information can be found in the Alpaca Customer Agreement.
Investment advice is provided by Eden Financial Technologies Incorporated DBA Cove. Eden Financial Technologies Incorporated DBA Cove is an SEC-registered investment adviser. Investment advice is provided by Cove and investments in your Cove account are not FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE. Alpaca Securities LLC serves as the qualified custodian for Eden Financial Technologies Incorporated DBA Cove. Alpaca Securities LLC is a member of FINRA and SIPC.
Nothing on this website should be considered an offer, solicitation of an offer, tax, legal, or investment advice to buy or sell securities. Any performance information is illustrative in nature and may not reflect actual performance. Account holdings are for illustrative purposes only and are not investment recommendations. All investments are subject to risk and may lose value.
All logos used herein are the respective intellectual property of their copyright holders.
- Contact
- info@usecove.com