Comingle Launches Crowdfunding Campaign for Basic Income App
Comingle - The money-sharing app logo

Comingle Launches Crowdfunding Campaign for Basic Income App

An app aiming to create a community that provides unconditional income is currently in its crowdfunding phase.

About the campaign:

Earlier this week, Comingle launched its crowdfunding campaign on Indiegogo. The company is currently looking for supporters to contribute as little as $1 toward the app’s goal of raising $75,000. As of this writing, Comingle was 44% of the way to that goal with a tally of more than $33,000 pledged.

Unlike many other crowdfunding campaigns, the perks Comingle is offering are the same regardless of what tier contributors choose. These perks include early access to the app, a credit on the Comingle’s Backer Page, and a community membership that promises invitations to quarterly meetings and other events. According to the campaign’s page, early access to the app is expected to begin in February 2024.

How Comingle will work:

The basic premise of Comingle is that each member will contribute a minimum of 7% of their income. These funds will then be pooled and redistributed equally (minus 1%, which Comingle retains to cover operational costs). As a result, those with lower incomes receive some additional funds and those who make more end up giving less than 7% initial contribution while helping their fellow users.

A video released by the startup shows that users will be able to link their bank accounts via Plaid and manage their weekly pledges. The campaign page also explains, “We’ve built the tools necessary to distinguish between income-related deposits and other bank credits, prevent overdrafts, resolve account interruptions, and allow for proper handling of joint accounts.” Additionally, those whose income is pre-tax can make adjustments so that their contributions reflect a post-tax total.

My thoughts:

As someone who adamantly supports the idea of universal basic income, Comingle’s concept intrigues me. However, having also observed enough FinTechs over the years, I have some major doubts about whether the app would be sustainable.

Perhaps the most relevant example I can think of is a service called Tanda. Inspired by a savings and credit system popular among Latin American householders, this app allowed members to join circles of people to contribute weekly funds, with those funds going to a single person each week based on their position in the Tanda. Those with the earliest position paid a fee to Yahoo (the operator of the app) while those in the last positions were rewarded with a bonus on their funds. As I experienced, early adopters of the app were mostly after that bonus, so finding a Tanda that had all of its spots (especially the middle ones) filled proved difficult. This likely contributed to why the app shut down after just a few months.

Back to Comingle, I have to imagine that the bulk of people coming to the app will be those seeking some additional income. And, of course, that money needs to come from somewhere. So, the big question for me is whether or not Comingle can attract enough high-income philanthropists and institutional grant providers to truly deliver on this vision. With all of that said, I’d love to see this app succeed — but I’d love it even more if a national UBI could become a reality instead.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

"The Unbanking of America" Book Review

In her new book " The Unbanking of America: How the New Middle Class Survives" author Lisa Servon looks at everything from the payday loan industry to FinTech while also discussing the changing economics of the middle class.
Charlie and SpeedBump logos

Charlie Introduces SpeedBump Fraud Protection Feature

A FinTech that helps prevent adults from falling victim to scams and fraud is adding a new feature to further that cause. About SpeedBump: Today, Charlie announced the launch of its SpeedBump feature. This tool combines alerts, pauses, and real-time education to help protect older adults who may be vulnerable to scams and fraud. SpeedBump may be activated when Charlie customers take certain actions, such as adding a payee, making...
AMEX card in the middle of a restaurant table full of food

American Express to Acquire Tock from Squarespace

American Express is expanding its dining platform with not one but two acquisitions. About the acquisitions: Today, Amex announced that it will be acquiring the restaurant reservation service Tock from Squarespace (who purchased the company in 2021). The purchase is expected to be for $400 million in cash but is subject to closing conditions, customary adjustments, and regulatory approval. Amex also notes that, as part of the deal with Squarespace,...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...