1 year ago
79 Fundvest has launched a user-friendly savings and investments platform that offers access to EU and US stock exchanges, with a transparent pricing structure: commission fees will only be tied to customers activity.
Founded by Rasmus Klaassen, Sander Siim Vaher, Egon Orav, Martins Untals and Ottomar Paeväli, who all have years of experience in banking and fintech scene, Fundvest will first go live in three Baltic countries Estonia, Latvia and Lithuania.
The firm is working to continue expanding the investment services throughout the European Union in the near future.
Fundvest is not a fan of FOMO investing culture
Rasmus Klaassen, Chief Executive Officer at Fundvest, said: “Europeans lack an investment app, that offers access not only to NYSE but also other EU member states’ stock exchanges. Existing fintech solutions mainly promote day traders like FOMO investing culture. Fundvest tackles this problem by offering access to EU and US stock exchanges with transparent pricing model and an easy-to-use investment app”.
After securing funding and a brokerage license, Fundvest is currently in the very last stages of building the mobile app. Although the app isn’t ready yet, it is possible to sign up for an exclusive waitlist on their website.
Subscribers will have an opportunity to download the application first and the product itself should be available for the public during the third quarter of this year.
The Fundvest project initially began as a closed-ended small fund that invested owners’ own equity during the period of market turmoil of 2020, but they quickly saw it as an opportunity to build a better platform for investors rather than remain as another actively managed fund.
The platform is anti-FOMO and encourages investing for the long-term. The firm raised capital from L-Kapital and obtained a Category B financial brokerage licence from Bank of Lithuania. Fundvest is concluding the pre-live activities to go live in Lithuania, Latvia and Estonia during this summer.
Fundvest founders decided to enter the brokerage space because they identified a lack of “a great retail investment app, that offers convenient access not only to NYSE but also other EU member states stock exchanges”.
The firm explained further: “Traditional banks lack a modern user centricity approach and have gotten a bad reputation from traditionally high fees. While existing fintech solutions are mainly promoting day traders like FOMO investing culture. Nobody is directly tackling the long-term angle of the word “invest”. As Warren Buffet adequately puts, the favourite holding period for an investor should be forever.”
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