Envel

We confirm that the Envel technology Platform has been sold to U.S. listed Fintech, BankMobile (NYSE : BMTX) and so it is with a heavy heart that we announce the closure of Envel.

Envel, with your invaluable support, succeeded in providing a powerful and efficient banking system that aided countless individuals in achieving their financial aspirations. The positive feedback from our user community reinforced the impact and effectiveness of Envel's technology.

Despite our product and community, capital markets abruptly tightened their grip in 2022 and Envel encoutered obstacles in securing the necessary capital to continue.

While we recognize the disappointment and inconvenience this news may cause, we assure you that your satisfaction and well-being remain our top priorities. If you require assistance with your Envel account, please direct your inquiries to envel@nbkc.com.

We appreciate your support and active participation on this incredible journey. The stories of how Envel made a difference in the financial lives of so many are heart-touching.

We are hopeful that millions of customers of BankMobile will benefit from the incredible banking and investment platform you helped us create. Thank you for being part of the Envel community.

ENVEL PRESS COVERAGE

*Banking services provided by nbkc bank, Member FDIC. The Envel Visa® Debit Card is issued by nbkc bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted

**Any balances you hold with nbkc bank, including but not limited to those balances held in Envel accounts are added together and are insured up to $250,000 per depositor through nbkc bank, Member FDIC. If you have funds jointly owned, these funds would be separately insured for up to $250,000 for each joint account owner. nbkc bank utilizes a deposit network service, which means that at any given time, all, none, or a portion of the funds in your Envel accounts may be placed into and held beneficially in your name at other depository institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). For a complete list of other depository institutions where funds may be placed, please visit https://www.cambr.com/bank-list. Balances moved to network banks are eligible for FDIC insurance once the funds arrive at a network bank. To learn more about pass-through deposit insurance applicable to your account, please see the Account Documentation. Additional information on FDIC insurance can be found at https://www.fdic.gov/resources/deposit-insurance/.