By Roger Baird on Friday 19 July 2019
London-based Finimize says the app is aimed at 25-to-34-year-olds who find finance makes them “feel confused, bored or stupid”.
A financial newsletter focused on millennials has launched an app aimed at breaking down industry jargon to encourage investing among young people.
London-based Finimize roll the educational app out of beta this week, and intends to build on the 400,000 global subscribers it has built up since its launch three years ago. It also hosts financial educational events in over 15 countries around the world.
The short snappy content, a mixture of text and video, is aimed at 25-to-34-year-olds who find finance makes them “feel confused, bored or stupid”.
The firm, says its content is as savvy as the iconic scene in the film 2015 The Big Short where Australian actress Margot Robbie explains credit defaults swaps in a bubble bath with a glass of champagne.
The app is designed for use during morning commutes, and tackles such subjects as initial public offerings, exchange-traded funds and ethical trading.
Around 85 per cent of millennials have no investments, even though 55 per cent of this age group have savings which they add to each month, according to research from the Financial Services Authority.
Finimize is led by German founder and chief executive Max Rofagha, 32, (pictured) and counts Passion Capital led by founding partner Eileen Burbidge, among its backers. Passion Capital is an early-stage investor in digital banks Monzo and Tide as well as company information service DueDil.
This is the second business Rofagha has led, he co-founded DeinDeal, a Swiss-based firm that sold discounted hotel rooms and other services online. It was sold to Zürich-based media group Ringier in 2015 for an undisclosed fee.
Rofagha has high hopes for the new app, which costs £59.99 a year on subscription.
He said: “Financial literacy is the missing puzzle piece in the fintech ecosystem. If we can capture people’s attention by providing an entertaining and accessible route into the world of finance, we could see the beginnings of a major societal shift.”
Rofagha added: “You’ve seen Headspace and Calm create daily habits for millions in mental wellbeing. You’ve seen Nike and Weight Watchers do the same for physical wellbeing. We want Finimize to achieve this for financial wellbeing.”