Overfunding: Wealthify Hits £1M Funding Goal on Seedrs

Wealthify, the online investment service, has officially exceeded its target to raise £1 million through the crowd with a week still left of its equity crowdfunding campaign on Seedrs

wealthify-1Last month, Wealthify launched an equity crowdfunding round on Seedrs to raise £1 million and revealed that more than 500 investors had pre-registered for early access to the initiative on September 9th. The company is described as an affordable and easy-to-use online investment service. It requires no prior investment knowledge or experience, it’s open to anyone, regardless of whether they have £250 or £2 million to invest, and is significantly more cost-effective than traditional wealth management services. 

Now,  more than 650 people invested in Wealthify through crowdfunding platform Seedrs, and now share 9.3% equity in the business. Typical investment sums were reportedly between £14 and £10,000, with investors from the UK and across Europe, which includes investors from Estonia, Greece, Czech Republic and Norway. Wealthify stated it plans to use the capital raised to support the next stage of its customer acquisition and growth strategy: creating national brand awareness, introducing new sales channels and extending products and services to include pensions and other types of ISAs.

Richard Theo, co-founder and CEO, revealed:

richard theo“We’re very excited to have reached our crowdfunding target so quickly and thrilled that so many people support our mission to open up investing to everyone. With interest rates at a record low and inflation set to rise sharply over the next few years, how we manage our money – whether investing or saving – is now a pressing issue. The public are becoming increasingly aware of the dire state UK savers are in – our Regional Savings Index shows that Britons on average only have four weeks’ worth of their salary saved, not nearly enough of a buffer for life’s unexpected events. There’s a clear need for low-cost, accessible and easy to use investment services, like Wealthify that can help grow people’s hard-earned cash without the cost and complexity of traditional wealth management services.”

Theo then added: 

“We firmly believe that this new way of investing will play an increasingly important role in people’s long-term financial planning. The fact that over 650 investors supported this round of funding shows that the public shares our confidence in our mission, the brains behind it and the business model, even at this early stage in our development.”

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