Finimize, a newsletter offering financial advice for millennials, has launched a new app on Thursday, making a shift from a financial content distributor and venturing deeper into the crowded financial literacy space.
The mobile app will teach finance in a step-by-step manner much the same way the popular meditation app Headspace offers deep relaxation techniques. The U.K. company, with more than 400,000 subscribers to its daily newsletter, says the app offers bite-sized lessons designed to be consumed on the way to work or during a short break.
“We built the app to help people become finance pros on their morning commute,” Max Rothery, vice president of community at four-year-old Finimize, told Karma. “Our overarching mission is to empower our users to act as their own financial advisor.”
The app, Finimize’s second, is only available in the Apple store, and Android users must join a waitlist.
- The new app covers more than 50 financial topics including cryptocurrencies and ETFs with lessons that aim to cut beyond jargon while informing users to make financial decisions. It also includes user reviews on investment providers and financial products, and Rothery said the team is focused on adding additional audio content.
- The app — in testing following a soft launch nine months ago — includes learning modules not included in earlier offerings like its newsletter that breaks down financial news.
- Finimize has no plans to sell financial products, Rothery said, and will keep focused on financial education. Doing so helps Finimize bill itself as a source for unbiased investing knowledge, while limiting its ability to build a revenue stream. The app is free, with premium subscriptions offered for $8.99 per month or $59.99 annually.
- The company raised $1.97 million two years ago from Cherry Ventures, according to Pitchbook.
- Karma Takeaway: The Finimize app builds on the company’s effort to teach money-management to a community that is mostly single, without children or and whose finances are uncomplicated. It’s part of an overall trend among fintech firms to simplify investing for a tech-savvy generation.