London-based wealth management startup Pynk has raised $2 million through crowdfunding ahead of the launch of its retail investor wallet.
Pynk uses AI to aggregate and harness the stock prediction and forecast data of "super-predictors" around the world to find 'wisdom in crowds'.
The retail investor wallet will launch later this year, allowing users to deposit money into Pynk and access a free managed portfolio.
The firm uses gamification to help users understand investing, letting them learn through play and through the community, which in turn encourages users to coach each other and increase each other’s level of understanding. Pynk, however, manages the portfolio, meaning customers can invest safely whilst still enjoying a DIY element.
Seth Ward, CEO, Pynk, says: "The investment brands we know today fall under two extremes: self-directed DIY investing, where it may be fun and sticky but, as many have pointed out, the risk of losing your money is extremely high; on the other hand, done-for-you portfolios which are managed for you or simply indexed but do not provide any flexibility, meaning you don’t get a sense of involvement, or the ability to avoid general market losses during unprecedented events like Covid-19.
"Investment is better when people work together to avoid bias, which is why we are building a new model for investors combining AI and Crowd Wisdom to create Wisdom in Crowds. Our mission is to protect people from losing their money while empowering them with the tools to enjoy making more thoughtful investment decisions."
The new funding will be used to scale Pynk's team of engineers by opening an office in Toronto.