Ikigai, an established wealth management and banking app for affluent Millennials, has secured nearly £2 million in capital through a crowdfunding campaign via CrowdCube. The funds raised will be used to accelerate ikigai’s product roadmap and enhance its technology team.
The total funds secured equates to 14.82% equity at a £10.95 million (appr. $15.5 million) pre-money valuation. ikigai previously acquired £2.2 million in capital via private and angel investors as part of a pre-seed round finalized last year.
Established by McKinsey veterans, ikigai plans to combine everyday banking services and a Visa card with various wealth management features that are supported by a team of experienced professionals.
Customers can easily set up a budget and automatically begin investing at the end of the month, based on their overall spending patterns and income. Clients can also keep track of their spending and their investments via an intuitive app.
During ikigai’s Crowdcube campaign, the company introduced its first ever stocks and shares ISAs which have come just in time for the new tax season. Clients may invest as much as £20,000 tax-free through the app and work with a personal relationship manager who will be answering typical queries while offering investment advice or suggestions.
ikigai Co-founder Maurizio Kaiser stated:
“The one-size-fits-all does not resonate for the growing number of young people who are seeking a financial partner where they feel valued and heard. This demographic is demanding a certain level of experience from its bank; one that educates on the purpose of wealth management in a safe, technologically secure, and practical manner – without compromising on the high tech and high touch personalised service.”
As previously reported, ikigai is on a mission to be the first UK Fintech to combine banking & wealth management in one app, targeting the young affluent in need of money management services.
Launched at the beginning of 2021, the company reports a 20% week-on-week growth in new customers. It has also partnered with various providers, including WealthKernel and Railsbank. Ikigai’s portfolios are managed using asset allocation guidance from BlackRock
The firm’s management explains:
“ikigai reimagines the way young affluents spend, save and invest, approaching personal finance from a personal place – an approach to money that we believe escapes incumbents and challengers alike. Young affluents are entering their prime earning & spending years, but 56% of high-net-worth millennials are dissatisfied with the wealth management tools on offer. They have expectations that aren’t being met. That’s why we’re on a mission to help this under-serviced but increasingly powerful audience – building a financial platform for the future of wealth.”
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