Finimize, the London-based start-up making finance more accessible for millennials, has raised £450k (US$590k) seed funding in a round led by Passion Capital.
Other investors in the round include Jason Butler, one of the top 100 financial advisers in the UK and author of The Financial Times Guide to Wealth Management.
The funds will be used to build the team and continue the development of Finimize MyLife - a new free-to-use platform for millennials looking to get their financial life on track. Requiring no knowledge or experience of finance, Finimize MyLife can help anyone take control of their future in three minutes by providing a detailed and personalised financial plan guided by Finimize’s deep research and algorithms. The platform will launch in alpha in December this year to the top 500 people on the waiting list, before launching in beta in early 2017.
Finimize MyLife builds on Finimize’s already phenomenally successful daily news briefing. Its daily newsletters have over 60,000 subscribers and open rates of 40-60%, which is unprecedented for financial content - validating the appetite of millennials to engage more with financial news, events and services.
Finimize was founded in 2015 by Max Rofagha and Scott Tindle - two university friends who wanted to re-design the way millennials approach their finances. Max was named one of Forbes’ “30 under 30” for 2016, having previously co-founded DeinDeal, a Swiss ecommerce company which now employs 200 people, which he sold in 2015. Scott is a CFA and spent seven years at Barclays Capital in London before helping to start Finimize.
Max Rofagha, founder & CEO of Finimize, said: “Finimize MyLife is finally bringing financial advice into the 21st century, and this funding will allow us to continue developing the platform and building our team. We are committed to simplifying the complex finance world by helping our generation understand the options open to them and take control of their financial lives.
“The fact that over 60,000 people subscribe to our daily newsletter demonstrates the appetite for clear, easy to digest financial knowledge. Less than a third of our generation has sought financial advice in the past five years, and we want to change that. We can’t wait to start welcoming the first users to Finimize MyLife’s alpha launch.”
Eileen Burbidge, Partner at Passion Capital and HM Treasury Special Envoy for FinTech, said "Financial inclusion and literacy are massive issues for us as a society to solve - and which I'm confident the tech sector can help to address. Millennials in particular have the lowest levels of financial literacy across the United States and other regions around the world.
We, at Passion Capital, are thrilled to be working with Max, Scott and the entire team at Finimize in order to improve financial literacy - and the company's traction shows how impactful this team will be."