New wealth management fintech Matador has just received $9 million from investors, BI announced. Venture capital firms Accel and Greycroft co-led the early seed and Series A funding round. Matador is a relatively young project; releasing its investment app just a few months ago.
The app targets young first-time investors. Although it is difficult to break through in the wealth management sector, Matador’s CEO Jannick Malling believes the social aspect of the app will win over millennials, who are used to using social networks daily. The app lets first-time investors interact with one another, connect with friends, and communicate regarding their investment choices.
"Make people all the more comfortable kicking off their financial journey with us versus somebody else," Malling said. "You don't take a trip without going to TripAdvisor, checking out hotels or Airbnb and seeing ratings of experiences. So we really want to bring that same dynamic into the world of investing."
With the funding, it is planning to expand its services, amongst them a cash management service offering 2.5 per cent interest rate for accounts with under $10,000 balances.