Investing in the stock market can be risky and scary at the same time. I’m sure, we have all had experiences where we had no idea where to find reliable information, or how to think about making investment decisions. However, in the current scenario, there’s always friends and family with whom we can collaborate and grow as investors. And this is where wealth management platform Finary, looks to operate.
The idea behind the platform is to make investing more fun and fruitful when done alongside others. Finary is an online community for investors to discuss stocks with friends, find new connections, and make trades on the market, all in one place.
Finary raises Seed fund
Today, French fintech startup Finary announced that it has raised €2.2M in a Seed round funding led by European VC Speedinvest. In addition, the round also saw participation from Y Combinator, Kima Ventures, and angel investors like Raphaël Vullierme (co-founder at Luko).
Funds for expansion
The raised capital will help the fintech to hire new talents as well as expand its presence across Europe and the US. In addition, the funds will also help Finary in launching its iOS and Android app later this year as it plans to connect thousands of additional financial institutions to the platform.
Mission to build the world’s best investing community
Founded in 2020 by Mounir Laggoune and Julien Blancher, Finary is a wealth management platform that allows investors to track all of their assets in real-time and maximise their return on investments. The platform allows investors to optimise their investments through machine learning algorithms.
Finary’s features include real-time performance analysis, calculation of hidden costs, and the automatic identification of new opportunities, which was previously reserved for the wealthy. The company currently tracks more than €2B of assets for thousands of users.
It claims to connect more than 10,000 banks and investment platforms in Europe and the US across real estate, precious metals, over 5,500 cryptocurrencies, and even startup investments.
Mounir Laggoune, CEO of Finary, explains, “Our ambition is to become the global reference for investment tracking and optimisation. Until now, no innovative player has come to dust off the wealth management sector whose methods and tools have remained unchanged for a long time. Many investors still rely on spreadsheets to track their investments, severely limiting their potential. Finary is the first tailor-made monitoring and optimisation platform and is designed as a digital strongbox to perfectly meet the expectations of modern investors.”
Brief about the Speedinvest
Speedinvest is an European venture capital fund with more than €400M assets under management and 40 investors working from Berlin, London, Munich, Paris, Vienna and San Francisco.
The firm invests in innovative early-stage technology startups in the sectors including Deep Tech, Fintech, Industrial Tech, Network Effects, Digital Health, and Subscriptions. Speedinvest currently supports a portfolio of nearly 200 companies, including with US market expansion.
Olga Shikhantsova, Principal at Speedinvest, says, “The last decade has been a turning point for the private wealth world: Investing has become much more accessible (anyone can buy stocks or ETFs), new asset classes have emerged (crypto), and a new generation has built diverse personal portfolios. Meanwhile, the overall wealth management space failed to keep pace and has offered nothing new to private investors. Finary has accepted the challenge and is here to revolutionise private wealth management. We are excited to join the team’s journey and support their growth in France, Europe and beyond.”
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