Member Article

FinTech startup looking to revolutionise millennial finances closes six-figure seed round

London-based startup Finimize has raised £450k in a seed funding round led by Passion Capital.

The six-figure seed round, which also including backing from financial adviser Jason Butler, will be used to expand the startup’s team and continue with the development of its Finimize MyLife platform which is launching in beta early next year.

Founded in 2015 by Max Rofagha and Scott Tindle, the startup’s daily news briefing provides financial news for the millennial market with the aim of increasing financial literacy among the 18-34 age group.

Now Finimize is planning to make finance even more accessible for the much-discussed demographic with the launch of its MyLife platform, which will provide users with a detail and personalised financial plan within three minutes guided by the firm’s algorithms.

Max Rofagha, founder and Chief Executive Officer of Finimize, said: “Finimize MyLife is finally bringing financial advice into the 21st century, and this funding will allow us to continue developing the platform and building our team.

“We are committed to simplifying the complex finance world by helping our generation understand the options open to them and take control of their financial lives.

“The fact that over 60,000 people subscribe to our daily newsletter demonstrates the appetite for clear, easy to digest financial knowledge.

“Less than a third of our generation has sought financial advice in the past five years, and we want to change that. We can’t wait to start welcoming the first users to Finimize MyLife’s alpha launch.”

Much like micro investing app Moneybox which launched earlier this year, the startup is one of a number of businesses looking at ways to provide financial services and education to young people.

As a generation saddled with high levels of student debt and low levels of disposable income combined with relatively low levels of financial literacy, the issue of getting younger people to better manage and invest their money is going to become an increasingly important issue for policymakers and financial firms over the coming years.

Eileen Burbidge, Partner at Passion Capital and HM Treasury Special Envoy for FinTech, describes ‘financial inclusion and literacy’ as ‘massive problems’ that society must tackle.: “Millennials in particular have the lowest levels of financial literacy across the United States and other regions around the world.

“We, at Passion Capital, are thrilled to be working with Max, Scott and the entire team at Finimize in order to improve financial literacy – and the company’s traction shows how impactful this team will be.”