Finary Secures 25 Million Euros in Funding to Transform Wealth Management
Finary, a fintech startup based in Paris, is revolutionizing wealth management with a technology-driven approach focused on transparency and user empowerment. The company has recently raised a significant Series B funding round of 25 million euros to fuel its expansion efforts and enhance its product offerings.
Backers and Investors
This latest round attracted several prominent investors, including Paypal Ventures, Speedinvest, Kima Ventures, Localglobe, and Hedosophia. Notable individual investors include Harsh Sinha (CTO of Wise), Axel Weber (former President of the German Central Bank), and Steve Anavi, along with Alexandre Prot (Qonto).
Empowering Investors
“At Finary, our mission is to empower investors and assist them in achieving their financial goals,” stated Mounir Laggoune, CEO and co-founder of Finary. Founded in 2021 by Laggoune and Julien Blancher, Finary has gained traction in France by offering an all-in-one investment platform that simplifies financial management for over 600,000 users.
Future Plans for Growth
With the new capital, Finary aims to expand its product suite by enhancing Finary One, a premium service, and introducing AI-driven wealth management tools tailored to the evolving financial behaviors of Europeans. The company also plans to roll out new savings products, including brokerage accounts, savings, and retirement accounts, offering users a comprehensive and independent wealth management experience.
User-Centric Approach
“Our approach fundamentally rethinks wealth management through technology, transparency, and independence. Our users are at the heart of everything we do, and we strive to help them take control of their finances through our all-in-one application,” added Laggoune.
Navigating a Challenging Landscape
Finary’s venture comes at a strategic time as European investors face a challenging financial landscape, with 13.9 trillion euros currently held in accounts amid inflation concerns and aging pension systems. With a significant generational wealth transfer on the horizon, Finary aims to be a resource for millennials and Gen Z inheritors—87% of whom are expected to change financial advisors by 2030.
Recognition and Future Ambitions
“We are proud to support Finary and are impressed by their innovative approach to wealth management and investment. Their platform empowers French investors to take control of their savings and rethink their investment strategies,” remarked Alex Bottenbruch, Partner at Paypal Ventures. The company sees enormous potential for growth as they aim to replicate their success across Europe.
A Bright Future Ahead
Beyond its primary platform, Finary has already ventured into cryptocurrency investment and launched Finary Life, a next-generation life insurance product developed in collaboration with BlackRock and Generali. Finary One, their premium wealth management service, is tailored for users with over €500,000 in investable assets, showcasing the startup’s ambition to cater to both novice and experienced investors.
With a share capital of €1,625,000 and operating as a trusted financial investment advisor and insurance broker under French regulatory authority, Finary is positioning itself as a reliable alternative to traditional wealth management institutions. With ambitious plans to hire over 50 new team members, Finary is poised not only to democratize investment in France but also to expand its vision across the European market.