Selma, an artificial intelligence (AI) firm raising growth capital on Republic Europe (formerly Seedrs), has easily surpassed its funding target as the securities offerings nears its close.
According to the offering page, Selma now stands at €1.844 million on a target of €750,000. To date, 597 individual investors have backed the firm. Investors are receiving a convertible security with a 15% discount on a later-priced funding round. Since demand has been strong, a new funding target has been set at €2 million.
The app-based platform aims to “change the way investing is done” by making investing more accessible. In Europe, retail participation in securities tends to be less than in the US, but this is changing. As of today, Selma reports more than 14,000 customers who have executed more than one million trades. Assets under management stands at CHF 270 million. The company is located in Finland but is regulated by FINMA in Switzerland. Selma reports 27% year over year growth of its platform.
Users may launch an account with only CHF 2000. Investment management for account holders kicks in at CHF 150,000.
Selma earns money by charging an annual fee based on assets held. This fee starts at 0.68% for accounts under CHF 50,000 but drops as the amount of funds rises. Custom pricing starts with accounts over CHF 5 million. Other fees affiliated with various services may be viewed on the Selma website. Selma aims to challenge banks and Robo-advisors with superior service.
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