Evarvest, the Lithuania–based start-up working on a ‘Spotify’ style trading app, has raised €227,963, having initially targeted €75,000.
Following its first funding round run on leading European investment platform Seedrs, the company’s pre-money valuation amounts to €1,175,000.
Founded in Australia in January 2018, and now headquartered in Vilnius, Lithuania, Evarvest is a financial technology start-up developing a user-friendly trading app offering easy to use trading services on over 30 of the largest stock exchanges all over the world. Upon its launch in late 2019, the app will provide its users with a safe and inexpensive way to invest in more than 9,600 stocks and ETFs listed all over the world.
Due to partnerships established with reputable and licensed partners and the scale of its operation, Evarvest will be able to offer its users attractive fees combined with no minimum account balances. The company has already confirmed commission free access to the US stock market which is the largest in the world. And when it comes to stock exchanges outside the US, Evarvest’s costs will be much lower than those offered by traditional brokerages. As an example, the average commission paid with a UK stock broker to access the London Stock Exchange would be about GBP 10 per stock, while Evarvest’s commission would be about 0.1% of the trade, so on a GBP 100 trade, it would amount to 10 pence.
Apart from lucrative trading capabilities, the Evarvest app will provide its users with a functional and user-friendly interface, easy-picking stock playlists, a built-in news feed section, as well as some interesting incentives for community engagement like i.e. ‘Follow your friends’ portfolio’ or ‘Follow the portfolio of Evarvest’s top performing investors’ features.
The first launch markets the Evarvest app will be available to investors in are the UK, Lithuania, Spain, Portugal and Poland before expanding to other European markets as well as the USA, Australia and Asia.
Founder and CEO Stephanie Brennan said: “Exceeding our initial target by 304% in our first crowdfunding round shows the support and demand we have for the problem we’re solving. It’s time to make investing as simple as having a smartphone and a good wi-fi connection - the way it should be! We want to thank the 598 investors that have joined our crowdfunding round and are part of our mission to shape the future of investing, removing barriers to entry and making investing and investment education accessible. The support of our new shareholders will allow us to launch our app and continue our global expansion. It will also enable us to lay the groundwork for the second phase of our development - a pension fund for the next generation of investors.”