With a new newly filled war chest, The Financial Gym is taking on the fear around financial discussions in eight new locations.
The online and retail personal financial services company has closed a $6m Series A funding round led by global investment management company VanEck, which supported its mission to improve the financial health of Americans.
“The Financial Gym’s mission is one that speaks to our firm in a concrete way, and we’re? pleased to be part of this fundraise,” said Jan van Eck, CEO of VanEck. “A number of the investors in our funds purchase shares through online platforms, but they still need access to savings and tax planning advice. The Financial Gym helps meet those needs in a friendly and innovative way, and we’re excited to be a part of the next phase of the company’s growth.p>
Current investors Alpine Meridian Ventures and Brooklyn Bridge Ventures also participated in the round. Brooklyn Bridge Ventures announced in October that it was getting close to securing $20m for its new investment fund.
The Financial Gym will use the cash to open eight new retail locations across the US over the next year.
“Americans are in desperate need of guidance when it comes to managing their personal finances,” said Shannon McLay, founder and CEO of The Financial Gym. “A large part of the problem is the limited accessibility to professionally trained financial advisors. This new round of funding will allow us to open more retail locations, which gives new and existing clients the opportunity to better achieve their goals through increased interaction with trainers while promoting an empowering mindset around money that we aim to instil in everyone we work with.”
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