Finimize has raised £450,000 seed funding from investors, including financial commentator and author Jason Butler, to continue the development of Finimize MyLife, a robo-advice platform for millennials.
The start-up, which aims to make financial advice more accessible to young people, raised the money in a funding round led by Passion Capital. Other investors included Jason Butler, author of The Financial Times Guide to Wealth Management and a regular financial commentator, who last week spoke at the Personal Finance Society's Financial Planning Symposium in London.
The funds will be used to build the team and continue the development of Finimize MyLife - a free platform for millennials looking to obatin some robo-financial advice.
The platform will soft launch in December 2016 to the top 500 people on the waiting list, before a full launch in early 2017.
London-based start-up Finimize was founded in 2015 by Max Rofagha (pictured, right) and Scott Tindle (pictured, left) - two university friends who wanted to redesign the way millennials approach their finances.
Rofagha was named one of Forbes "30 under 30" in 2016, having previously co-founded DeinDeal, a Swiss ecommerce company that now employs 200 people, which he sold in 2015. Tindle is a CFA, and spent seven years at Barclays Capital in London before helping to start Finimize.
Rofagha said: "Finimize MyLife aims to help anyone, regardless of financial experience, gain insight into their financial future by providing a personalised financial plan guided by Finimize's research and algorithms.
"The platform builds on Finimize's news briefing. The daily newsletters have more than 60,000 subscribers with open rates of 40-60%, incidating that there is an appetite among millennials to engage more with financial news, events and services."
He added: "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."
Research from MRM recently suggested millennials were happy to pay just £28.50 for face-to-face advice, considerably lower than the industry average hourly rate of £150 charged by advisers.
Earlier this year, the Legg Mason Global Asset Management 2016 Global Investment Study indicated UK millennials came out "keenest" globally on online advice solutions after 85% said they were comfortable with robo-advice.
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