Meet Finary, a new French startup that wants to change how you manage your savings, investments, mortgage, real estate assets and cryptocurrencies. The company lets you aggregate all your accounts across various banks and financial institutions so that you can track your wealth comprehensively over time.
After attending Y Combinator, the startup has just closed a $2.7 million (€2.2 million) seed round led by Speedinvest with Kima Ventures and angel investors, such as Raphaël Vullierme also participating.
If you know people who have a ton of money, chances are they tend to be at least 40 or 50 years old — you don’t become rich overnight after all. And they tend to manage their investment portfolio through a wealth management service with tailor-made services.
“There’s very little tech in wealth management. Advisors are also incentivized to sell you some financial products in particular,” co-founder and CEO Mounir Laggoune told me. In that situation, the company in charge of the financial product is generating revenue for the advisor — not the client.
At the same time, a new generation of investors is starting to accumulate a lot of wealth. And yet, they don’t have the right tools to allocate it properly. Younger people want to see information directly. They want a way to track information in real-time, or near real-time. And they want to be able to take some actions based on that data.
Finary wants to build that service based on those principles. It starts with an API-based aggregator. (Read more…)