Wealth management startup secures $2m funding for North America expansion

A wealth management startup aiming to support people to invest has raised $2m across pre-seed and seed funding rounds.

Fintech Pynk has secured the equivalent of £1.6m in crowdfunding campaigns on Seedrs and FunderBeam to accelerate the development and expansion of its investment offering.

Pynk aims to use the funding to scale its team of engineers, by opening an office in Toronto in Canada later this year.

In addition, the firm will use the investment to support launch its retail investor wallet by the end of 2020. Retail investors joining Pynk will be able to deposit money into the app and access a free managed portfolio, as well as make market predictions and earn monetary rewards.

Seth Ward, co-founder and CEO at Pynk, commented: “Since starting Pynk two years ago, we’ve grown to a talented team of 20 across the globe, who have been working hard to launch our retail investor wallet in a few months.

“To further grow our product and AI technology, we’ve excited to be launching an office in Canada, tapping into the talented and diverse pool of engineering talent coming from Toronto. This will fit perfectly with our flexible, forward-thinking working practices.”

Supporters of Pynk include Founders Institute, Natwest Accelerator and 365.fintech. Rudolf Vrabel, managing director at 365.fintech, added: “We’ve yet to see another company like Pynk that is using technology to help make investment accessible to everyone.

“In our current climate, it has never been more important to be financially literate, so we’re proud to be supporting Pynk launch and lead the change in transforming the investment industry.”

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