Robo-adviser targets £1m through crowdfunding

Robo-adviser targets £1m through crowdfunding

Recently launched robo-adviser Wealthify has plans to raise a million pounds of capital through crowdfunding.

The online investment service, which launched in April, will begin a public crowdfunding campaign on 12 September.

Wealthify is aiming to raise £1m through Seedrs, in addition to funding it has raised from angel investors.

It will use the capital to support the next stage of the customer acquisition and growth strategy.

This will involve creating national brand awareness, introducing new sales channels and extending products and services to include pensions and other types of Isas.

Richard Theo, chief executive and co-founder of Wealthify, said since launch, demand for the service has “exceeded expectations”.

“With interest rates hitting a new all-time low of 0.25 per cent this month, even more people are now seeking alternative ways to make their money work harder,” he commented.

“Crowdfunding was the logical choice to help us raise capital investment to realise our ambitious growth plans, since our proposition shares similar values: to open up the world of investing to the everyday person.”

Wealthify is aimed at people aged between 25- and 40-years-old, allowing them to invest a minimum of £250.

Those who invest between £250 and £14,999 with Wealthify will be charged 0.7 per cent, while those who invest between £15,000 and £99,000 will be charged 0.6 per cent and those who invest £100,000 or more will be charged 0.5 per cent.

Priority access to the crowdfunding campaign will be given to anyone who pre-registers before 9 September through Wealthify’s website.