Online investment service Wealthify has exceeded its target to raise GBP1 million through crowdfunding, with a week to spare in its campaign.
Over 650 people invested in Wealthify through crowdfunding platform Seedrs, and now share 9.3 per cent equity in the business.
Typical investment sums were between GBP14 and GBP10,000, with investors from the UK and across Europe, including Estonia, Greece, Czech Republic and Norway.
Wealthify plans to use the capital raised to support the next stage of its customer acquisition and growth strategy: creating national brand awareness, introducing new sales channels and extending products and services to include pensions and other types of ISAs.
Richard Theo, co-founder and CEO, says: “We’re very excited to have reached our crowdfunding target so quickly and thrilled that so many people support our mission to open up investing to everyone. With interest rates at a record low and inflation set to rise sharply over the next few years, how we manage our money – whether investing or saving – is now a pressing issue. The public are becoming increasingly aware of the dire state UK savers are in – our Regional Savings Index shows that Britons on average only have four weeks’ worth of their salary saved, not nearly enough of a buffer for life’s unexpected events. There’s a clear need for low-cost, accessible and easy to use investment services, like Wealthify that can help grow people’s hard-earned cash without the cost and complexity of traditional wealth management services.
“We firmly believe that this new way of investing will play an increasingly important role in people’s long-term financial planning. The fact that over 650 investors supported this round of funding shows that the public shares our confidence in our mission, the brains behind it and the business model, even at this early stage in our development.”
Wealthify launched its fundraising campaign on 12 September.
