Monorail: The Next Big Thing in Financial Technology

By Ryan G. Van Cleave | Photo by Nancy Guth | March 2022

Since 2017, a Sarasota-based financial company has been working on creating a technology that brings together all your financial opportunities and possibilities into one app for your phone, which is like having a bank, an investment firm, and a stock brokerage firm with you at all times. This product’s goal is to get your finances under control and enable you to easily do all the things you want and need to do. Sounds like a pipe dream that’s decades away? Not so, reports Co-Founder Phillip Dickson, because that app is here right now. 

And it’s called Monorail.

Dickson, a fully licensed Investment Advisor Representative, knows the financial world well and has partnered with key professionals who bring the right mix of skills and areas of expertise to the team. For example, Margaret Hixon has 30 years of experience in helping people protect their assets and develop innovative financial strategies so that hard-earned wealth can be managed across multiple generations. Co-Founder and Chief Technology Officer Justin Bailey has aspirations to build products and brands that make our individual and collective lives better. He also has extensive experience in technology product design, marketing, and business development. Others on the Monorail team supply decades upon decades of financial planning experience both in face-to-face environments and through digital applications. “We’re a pretty small, intimate company,” Dickson says, “but it’s been a very good experience from the start.”

So, what does Monorail do? Quite simply, it houses all your financial goals under one roof. While some apps help you plan, some help you save, and some help you spend, with Monorail, you get all of that in one place. “It’s the first all-in-one financial app to unify saving, spending, and investing around individual consumer goals,” Dickson explains. “One of the key differentiators between this and other products is our power wish list. You’re able to import your wish list from places such as Amazon or Best Buy and then actually start saving for specific items.” No other technology can bring together other wish lists in an organized, useful manner like this, he notes. Monorail can do that easily. 

Monorail has an automated goal calculator that tells you exactly how much to deposit daily, weekly, or monthly. It’s a financial set-it-and-forget-it situation to help you reach every goal exactly when you want. For those who choose to donate money, that’s an option, too. Because Monorail believes in supporting charities, they cover the cost of any added fees to donate, which means 100% of your donation goes to the intended charity of your choice, whether that’s the Red Cross, the Environmental Defense Fund, the Salvation Army, or any other.

It doesn’t matter whether you’re an Apple fan or if you prefer Android, Monorail is available in both environments. You could even access Monorail through their website, if you prefer. Regardless of how you access it, Monorail uses bank-level encryption and biometrics (FaceID, touchID, and more), plus Monorail is SIPC insured. In short, no matter how you engage with Monorail, you’re getting the security and safety that you need, whether you’re depositing money into your account, saving for your plans for tomorrow, or looking to buy stock. “Whether someone wants to invest in Tesla the company or just purchase a Tesla, Monorail is able to help make that happen,” Dickson says. 

As Monorail grows, its features are going to expand proportionally. For example, talks are well underway with VISA for Monorail to function as a digital credit card. And it’s entirely possible that company-specific benefit programs will soon be in place, so if you decide to purchase a new GoPro, the retailer might offer varying rewards and benefits beyond the actual purchase, such as cash-back incentives or more. Before long, setting up direct deposit with Monorail might give users a debit card with cash-back rewards. In short, anything that puts power back into the hands of consumers is something Monorail wants to pursue. They want to disrupt the marketplace and empower people to do more with their money.

“Aggregating your financial life into a platform just makes sense,” Dickson says. “When you do that, as money comes in, you can spend it more intelligently toward the things you’re trying to save for.” From investing like a pro for the long term to saving for a quick weekend getaway in the short term, Monorail can help you achieve your dreams. It’s there to help set financial goals with your specific priorities in mind.

So, check out Monorail and see what it can do for you in terms of getting your digital finances in order. Then do the things that make you happy, but let Monorail plan, save, and do it with you as the silent financial partner who’s always looking out for your best interests.  “We have the expertise, the technology, and the infrastructure to help,” Dickson says. “We look forward to seeing you give Monorail a try.”

For more information on the Monorail app, please visit www.vimvestapp.com or search for Monorail in your favorite cellphone app stores.