Embedded finance platform Ant Money has scored $20m in its Series A funding round.
The investment was backed by Franklin Venture Partners, Walter Cruttenden, RX3 Ventures, SteelBridge Laboratories and Steelpoint Capital Partners.
As part of the deal Ant Money has acquired game-based savings app Blast in a stock-for-stock merger. This deal increases the number of apps under the Ant Money umbrella from one to three.
Ant Money, which was co-founded by Michael Gleason and Walter Cruttenden, is an embedded finance platform that aims to improve savings and investing.
The company’s three apps are – ATM, Blast, and Learn & Earn. Through the ATM app, users can generate micro-income that is then invested in the stock market through Ant Money Advisors, a wholly owned, SEC-registered investment advisor and robo-advisor, embedded into the app.
Blast’s Learn & Earn app is designed to help people earn money for learning skills. This money is automatically invested in the market.
Finally, Blast is a savings app that aims to make gamers save more money. Its website claims that 1¢ will be transferred from a user’s personal bank account and into their Blast savings account for every action they make within a game.
Ant Money CEO Michael Gleason said, “Ant Money and Blast had similar visions for helping people enter the financial investment world as well as overlapping management, and as we began working together and embedding the Ant Money investment platform into the ATM app, and the Blast Gaming and Learn & Earn apps, it seemed like the logical next step was to merge the companies and build a larger one together.”
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