Fabric: Helping Families Feel More Financially Secure
Fabric is a New York-based company with a digital platform that helps parents secure their family's financial future both quickly and easily. I sat down with Fabric Co-Founder and CEO Adam Erlebacher to learn more about how the company was founded, what it's all about, and what the plans are moving forward.
Tell me the story of how Fabric was founded.
After our first child arrived, I knew I needed to get my finances in order. While I had some savings, I hadn’t created a last will & testament, bought life insurance or set up a college savings account. These were all new products that I never had to think about before starting a family. Buying life insurance was a total nightmare that took three meetings with an insurance salesman, a health exam and multiple phone calls. Having previously worked together to help build the digital bank Simple, my Fabric co-founder Steven and I knew there had to be a better way to help families achieve long-term financial security. That’s why we created Fabric.
For those who don't know, what does Fabric do?
Fabric is a digital platform that helps parents secure their family's financial future. It is a one-stop-shop that helps you create a free will in about five minutes, provides free tools to organize your family’s finances and makes it quick and easy to buy affordable life insurance—no insurance salesman required. What’s really special about Fabric is that everything you need is in one place, and we make it easy for you and your spouse or partner to get on the same financial page.
What are some of the cool things you've been working on lately?
We recently launched Fabric Vault, a free tool that gives you and your partner a picture of your combined financial accounts. Like most couples, I control some financial accounts and my partner controls others, some I was not even aware of until we set up our own Vault (like 401k accounts from past jobs). Fabric Vault makes it easy for spouses to securely share important financial information so that it's always accessible. And, unlike storing this info on paper or in Excel, it’s secure and up-to-date.
What's next for the company?
We’re continuing to build products that help new parents achieve financial security for their families. Our goal is to make hard things easy. That is an incredibly empowering thing for our customers.
We’re already serving tens of thousands of customers across the country, and this year we’ll be growing even more.
How big is the team? Any positions you're looking to hire for in the coming months?
The team is 21 people and we’re hiring across the organization, from engineering to design, marketing and more. Our openings are listed at https://meetfabric.com/careers.
Any final thoughts?
We have five core values at Fabric: simplicity, compassion, joy, velocity, and exploration. We talk about these principles all the time and even named our conference rooms after them.
While these principles have served us well so far, there are two that underpin our culture—compassion and exploration. At Fabric, we have compassion for each other and for our customers. We have compassion to meet people where they are, whether it is through how we seek to understand our coworkers, design our products, or serve the needs of our customers. Meanwhile, exploration serves as our motivating force. We are curious and creative individuals who are never satisfied. We believe breakthroughs happen when minds are open and efforts are focused. We believe diversity and inclusion are fundamental to successful exploration. These aren’t aspirational concepts; we live them.