Move will enhance resources for parents leading into the holiday season by integrating features including Gifting into UNest's iOS and Android apps
NORTH HOLLYWOOD, Calif., Sept. 9, 2020 /PRNewswire/ -- UNest, the breakthrough mobile app that helps parents invest in their children's future, today announced its acquisition of Littlefund. With the acquisition UNest will accelerate its growth and add new features, including gifting, to its iOS and Android apps. The acquisition reinforces UNest's ability to democratize the availability of financial solutions and advice for families of all income levels and backgrounds.
Through the acquisition of Littlefund, UNest will double its user base to over 60,000 users. The rapid growth in users of the UNest app signals a widespread trend, partially fueled by the COVID-19 pandemic, in families looking to save more. Beyond the addition of Littlefund's customer base, the integration of Littlefund's technology will enable extended family members and friends to contribute monetary gifts directly to a UNest account on behalf of a child.
"We couldn't be more excited to join forces with Littlefund. Our teams share the same values and there is a lot of synergy in terms of vision and demographics. Both are applying a modern, technology-driven approach to making financial solutions more affordable, accessible, and user-friendly for a new generation of parents," said Ksenia Yudina, chief executive officer and founder of UNest. "The acquisition will further strengthen the core elements of UNest's solution for families -- technology and advocacy. It will also provide grandparents, friends and other family members with a simple, integrated way to send gifts to a child's UNest account."
"Littlefund has always put our families first. The opportunity to join forces with UNest allows us to provide new exciting features to the parents we serve and continue investing in what matters most for our children's future," said Mimi Chen, chief executive officer and founder of Littlefund. "We look forward to continuing on this journey as a part of a fast-growing company with a truly inspiring mission."
Following the completion of the acquisition, Littlefund founders Mimi Chan and Isaac Dressman will join the UNest team as Head of Experience and Head of Research and Development respectively. Mimi brings extensive and relevant experience as an entrepreneur with a focus on social impact. Isaac adds a comprehensive technical skill set that includes complex database development, DevOps, and front end and back end expertise.
UNest recently closed an oversubscribed Series A round of funding totaling $9 million from leading venture funds, institutional investor Northwestern Mutual Future Ventures, and NBA All-Star Baron Davis. The company's solutions have resonated with parents seeking a simple, effective way to build savings and investment accounts that pave the way for their children's future financial needs, most notably education. The company's solutions include 529 college saving plans and soon-to-be introduced investment accounts for children.
"The UNest and Littlefund merger has created the best all-star team! I couldn't be more excited about the growth of the team and it's added services, which democratized financial planning and education for families. Investing in the next generation will be easier than ever," said Baron Davis, two-time NBA All-Star, chief executive officer and founder of Baron Davis Enterprises, and UNest brand ambassador.
"As an investor and supporter of UNest I'm delighted that Ksenia and her team are joining forces with Littlefund. Given Northwestern Mutual's commitment to women entrepreneurs in financial services, it's particularly gratifying to see Ksenia and Mimi leading companies that share such an important mission," said Craig Schedler, managing director at Northwestern Mutual Future Ventures. "The combination of UNest's and Littlefund's capabilities offers consumers a unique blend of financial resources at exactly the right time - as families are re-calibrating how they plan the financial future of their kids."
Founded by Ksenia Yudina, who previously served as a senior executive at Capital Group, the UNest team also includes financial industry experts from companies including Acorns, Marqeta, and Union Bank.
UNest's fintech app helps parents save and invest in their children's future. The company's iOS and Android apps have achieved an outstanding level of success since becoming widely available across the United States in February 2020. UNest demystifies the previously complex process of setting up saving plans for education and other important life stages with a paperless approach that takes only five minutes to set up. UNest's team has decades of experience as certified financial advisors, technologists, and entrepreneurs at financial industry leaders including Capital Group, Marqeta, Union Bank, and Acorns. UNest is a fully accredited and registered financial advisor regulated by the SEC.
Learn more at www.unest.co
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