London-based Wealthyhood, a do-it-yourself wealth-building app for investors, has raised 630,000 euros ($682,492), EU-Startups reported Thursday (April 14).
The most recent fundraising for the firm, founded in 2021, has brought the total amount raised to more than 900,000 euros ($974,277).
The cash will be used to expand the mobile app and shift from the web platform. It will also be used to grow in South and Southeastern Europe, hire staff and develop the product.
The latest round was led by Genesis Ventures, the Singapore venture capital firm, with 10 angel investors.
Alexandros Christodoulakis and Konstantinos Faliagkas said they founded Wealthyhood to assist investors make smart long-term choices with investment guidance and fewer fees.
The firm said it combines personalization and automation to allow beginner to experienced investors navigate stock markets and put their cash to work.
Wealthyhood said the sector has tremendous growth potential, especially among millennials. In the European Union, there are 150 million millennials, the generation born between 1981 and 1996, ages 26 to 41, who have invested more than 500 billion euros ($539 billion) in direct retail platforms. And that number is still growing.
Reportedly 80% of new retail accounts are opened by investors under 40. In addition, millennials are expected to control $20 trillion in assets by 2030. Millennials bring new expectations and demands for investing compared to baby boomers.
Since its debut, the app has more than 4,000 users, the company said.
Last month, brokerage app Robinhood launched a Cash Card to help new customers start investing.
See also: Robinhood Launches Debit Card with Auto Savings
Calling it part of its “mission to democratize finance,” Robinhood said the card, announced on the company’s website on March 22, gives debit card customers “the same benefits and rewards” typically reserved for credit card holders.
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