A new online investment service has raised £560,000 in the first morning of its crowdfunding campaign.
Wealthify is aiming to raise £1m through Seedrs in return for a 9.3 per cent equity share in the business.
More than 500 investors pre-registered to get early access to Wealthify’s crowdfunding round and the company is currently at 56 per cent of its funding target on the first day of the campaign.
Wealthify launched in April and is aimed at people aged between 25- and 40-years-old, allowing them to invest a minimum of £250.
Richard Theo, co-founder and chief executive of Wealthify, said: “When we started out on the Wealthify journey, our main aim was to open up the world of investing to everyone – and crowdfunding felt like a natural fit to help us achieve that goal.
“We’re delighted to be welcoming new investors to be part of the exciting next stage of our development.
“The fact that so many of our customers have chosen to become shareholders in Wealthify underlines the confidence that people have in our approach, even at an early stage.”
“Wealthify is all about creating a convenient and user-friendly investment service which gives people complete flexibility and control over their savings and investments.
“With interest rates now at an all-time low, it’s essential that UK savers wake up and start taking control of their financial futures.”
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.
Money saved through Wealthify will be 80 per cent invested in passive vehicles such as ETFs and mutual funds.
The service will also include a social aspect called Wealthify Circles which gives customers discounted fees if they introduce their family and friends to it.