InvestEngine, a Fintech that offers commission-free ETF investing for individuals and small businesses, has closed its securities crowdfunding round, having raised £1.94 million, topping its goal of £1.25 million, according to an email from the company. This is the second time InvestEngine has leveraged Crowdcube to raise money online. The first funding round took place in 2022, when the company raised £1.3 million at a pre-money valuation of £15.6 million.
InvestEngine states that the offering quickly entered overfunding, beating its target within the first 24 hours of the securities offering being available.
As was previously reported, InvestEngine was raising capital at a pre-money valuation of £27,605,741.
InvestEngine aims to become the ETF distributor of choice for the world’s leading ETF providers. The company also intends to provide savings plans, workplace investing, and self-invested personal pensions – enabling more people in the UK to utilize ETFs.
InvestEngine shares the following metrics of the platform since its first Crowdcube offering:
- Quadrupling its active users to over 25,000
- Client assets under administration tripled to £170m
- Earning more than 3,500 five-star reviews across TrustPilot, Smart Money People & the App Stores
- Winner of ETF Buyer of the Year, and Best ETF Investing Platform Awards from ETF Stream and Good Money Guide
- Clients have transferred over 3,000 ISAs to InvestEngine from the industry’s leading investment platforms
- Increasing their commission-free ETF range to over 550 from the likes of Vanguard, iShares, and Invesco
Andrey Dobrynin, co-founder of InvestEngine, said the global market for ETFs has boomed in recent years and this funding round will support their vision of bringing the benefits of ETFs to more people.
“We’re looking forward to another strong year of growth as we expand into exciting new areas and products that meet the needs of new and experienced investors alike, making investing more accessible, and helping people to take greater control of their long-term financial goals.”
InvestEngine was co-founded in May 2019 by Simon Crookall who previously co-founded Gumtree.
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