Finimize, a London-based start-up that helps millennials take control of their finances, secured £450,000 seed funding in a round led by Passion Capital to speed up the development of its ‘Finimize MyLife‘ platform.
This free-to-use platform targets millennials looking to get their financial life on track, regardless of their knowledge or experience in managing their finances. According to the start-up, this platform will allow empower anyone to take control of their finances in just three minutes. It provides a detailed and personalised financial plan for each user, generated by Finimize’s deep research and algorithms.
Finimize was founded in 2015 by Max Rofagha and Scott Tindle – two university friends who wanted to re-design the way millennials approach their finances. Max was named one of Forbes’ “30 under 30” in 2016, having previously co-founded DeinDeal, a Swiss ecommerce company which now employs 200 people, which he sold in 2015. Scott is a CFA and spent seven years at Barclays Capital in London before starting Finimize.
According to Rofagha, Finimize MyLife is finally bringing financial advice into the 21st century. “Less than a third of our generation has sought financial advice in the past five years, and we want to change that. We can’t wait to start welcoming the first users to Finimize MyLife’s alpha launch.”
The platform will launch in alpha in December this year to the top 500 people on the waiting list, before launching in beta in early 2017.
This financial app that targets the younger generation of earners comes at a time when the UK economy is particularly volatile. For Eileen Burbidge, partner at Passion Capital and HM Treasury Special Envoy for fintech, financial inclusion and literacy are massive issues for us as a society to solve, which she believes the tech sector can address. “Millennials in particular have the lowest levels of financial literacy across the United States and other regions around the world. We, at Passion Capital, are thrilled to be working with Max, Scott and the entire team at Finimize in order to improve financial literacy – and the company’s traction shows how impactful this team will be.”
Other investors in the round include Jason Butler, one of the top 100 financial advisers in the UK and author of The Financial Times Guide to Wealth Management.
