Paris-based real-time investment monitoring platform Finary raised €2.2m in a seed round funding led by European VC Speedinvest.
In addition, the round also saw participation from Y Combinator, Kima Ventures and angel investors like Raphaël Vullierme, co-founder at Luko.
The raised capital will help the FinTech to hire new talent as well as expand its presence across Europe and the US. Finary will also be launching its iOS and Android app later this year in an attempt to connect thousands of additional financial institutions to the platform.
Founded in 2020 by Mounir Laggoune and Julien Blancher, Finary is a wealth management platform that allows investors to track all of their assets in real-time and maximise their return on investments. The platform allows investors to optimise their investments through machine learning algorithms.
Finary’s features include real-time performance analysis, calculation of hidden costs and the automatic identification of new opportunities. The company currently tracks more than €2bn of assets for thousands of users, it claimed.
It claims to connect more than 10,000 banks and investment platforms in Europe and the US across real estate, precious metals, over 5,500 cryptocurrencies and even startup investments.
Detailing on the firm’s growth plans, Laggoune said, “Our ambition is to become the global reference for investment tracking and optimisation. Until now, no innovative player has come to dust off the wealth management sector whose methods and tools have remained unchanged for a long time. Many investors still rely on spreadsheets to track their investments, severely limiting their potential. Finary is the first tailor-made monitoring and optimisation platform and is designed as a digital strongbox to perfectly meet the expectations of modern investors.”
Commenting on the WealthTech sector, Speedinvest principal Olga Shikhantsova added, “The last decade has been a turning point for the private wealth world: Investing has become much more accessible (anyone can buy stocks or ETFs), new asset classes have emerged (crypto), and a new generation has built diverse personal portfolios. Meanwhile, the overall wealth management space failed to keep pace and has offered nothing new to private investors.
“Finary has accepted the challenge and is here to revolutionise private wealth management. We are excited to join the team’s journey and support their growth in France, Europe and beyond.”
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