InvestEngine, an Exchange-Traded Fund (ETF) investment platform, has launched a second crowdfunding campaign to capitalise on a strong year of growth.
The campaign, which is being hosted through Crowdcube, was a target of £1.25m. Within the first 24 hours of the sale, InvestEngine has already surpassed the target.
With the fundraise still open, it is unclear how much the company will raise by the end. It currently has £1.26m from over 280 investors.
It hopes the fresh capital will help it become investors’ ETF distributor of choice. As part of this, InvestEngine plans to launch new services this year, including savings plans, workplace investing and self-invested personal pensions. These will enable people in the UK to better utilise ETFs to grow their wealth and meet financial goals, it said.
InvestEngine previously raised £1.3m in its first crowdfund. It reached this goal in just seven days and received support from 1,120 investors.
Since then, the FinTech has quadrupled its active users to over 23,000, nearly tripled its AUM to £150m and doubled its users.
The company claims the popularity for ETF investing has rapidly grown over the past five years. It claims the global ETF assets soared past $10trn in 2021 and is forecast to grow 17% annually in 2026.
In other investing news, Digital investing giant eToro reportedly raised $250m in a funding round that values the brokerage at $3.5bn.
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