Financial news and advice platform Finimize has picked up £450,000 in a seed funding round.
The investment was led by Passion Capital and also attracted individual investors including financial advisor and author Jason Butler.
The London-based company operates a free-to-access platform designed to help millennials manage their financial life.
This includes a daily briefing breaking down financial news into simple explanations.
The company says the newsletter now counts more than 60,000 subscribers and open rates between 40% and 60%.
Building on this the company is preparing to launch Finimize MyLife a service that aims to offer users personalised financial planning driven by algorithms.
The service will launch in alpha mode in December and beta in early 2017.
Passion Capital partner Eileen Burbidge 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.”
The company says the capital will be used to expand its team and continue the development of Finimize MyLife.
Finimize founder and CEO Max Rofagha said the company is “committed to simplifying the complex finance world by helping our generation understand the options open to them and take control of their financial lives.
Less than a third of our generation has sought financial advice in the past five years, and we want to change that.”
Rofagha previously co-founded Swiss e-commerce company DeinDeal, which he sold in 2015. It currently employs 200 people.
Finimize co-founder Scott Tindle previously spent seven years at Barclays in London.
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