A goal-based savings app developed last year by a Chattanooga startup has turned to veteran banker Mike Kramer to help propel its growth.
Peak Financial LLC, developer of the Peak Money goal-based savings app, named Kramer as its CEO this week. He succeeds Jay Kelley, a founder of Peak, who stepped down to focus on his role as CEO of Spire Labs.
“With over 20 years in executive leadership roles in banking, leading multiple capital raises, turnarounds, and acquisitions, Mike brings a level of experience and a deep network that few in the financial technology space can match,” Kelley said. “Peak is now poised to partner with strategic investors and development opportunities to accelerate growth of the user base and brand.”
Kramer, the former CEO of FSG Bank before it was acquired by Atlantic Capital, remains as chairman Southeastern Trust Company, a Chattanooga-based wealth management and trust company.
Peak’s vision of delivering the first goal-based savings app centered around reducing financial stress launched under the name Peak Money in Apple’s App Store later that year. The app focuses on helping users save money for specific goals such as a rainy-day fund, a car, or a vacation but uniquely features 3-D animated peaks, mindful moments and a fully animated breathing exercise. The app is free to use, offers automated transfers, round-up’s and a 1% quarterly reward.
Chattanooga State hosts building event
Chattanooga State Community College will host Build Chattanooga on the lawn of the Center for Engineering, Technology, Arts & Sciences building from 10 a.m. to 2 p.m. on Thursday.
This event provides an opportunity to learn about the construction industry, identify potential careers in construction, and learn about the training and education programs at Chattanooga State hat support those careers.
Hamilton County Schools are providing bus service to Hamilton County high school students for the event.
Trade deficit widens again
The U.S. trade deficit widened in August for the first time in three months as exports increased but imports increased more.
The Commerce Department says the gap between what the United buys and what it sells abroad rose 1.6% to $54.9 billion from $54 billion in July.
The deficit had fallen in June and July. But it is still up for the year despite President Donald Trump’s attempts to push it down by imposing taxes on imports and waging a trade war with China.
Sears boosts retiree fund
Sears has agreed to set aside $3 million to compensate the beneficiaries of retired employees who died after the bankrupt retailer canceled their life insurance benefits in March.
Attorneys representing Sears Holdings and a committee of retirees presented their plan to resolve the dispute over benefits to the U.S. Bankruptcy Court Thursday.
Sears, which filed for Chapter 11 reorganization last October, ended the roughly 29,000 retired employees’ life insurance benefits shortly after selling most of its remaining assets to Transform Holdco, an entity controlled by Sears’ former CEO and largest shareholder, Edward Lampert, and his hedge fund.
Mogul aims to prove CEOs can be activists
SAN FRANCISCO – Salesforce founder Marc Benioff runs a $130 billion software empire from the tallest skyscraper in San Francisco. But he is deeply troubled by what his industry has done to worsen an economic divide and other issues polarizing people down on the streets.
So he’s urging his fellow CEOs to help fix a “train wreck” of inequality by putting the welfare of people and the planet ahead of profits.
He wants them to take a stand on homelessness, along with other polarizing issues such as gay rights, climate change and gun control. He believes CEOs need to fill what he considers a leadership void that is paralyzing government in times of crisis.