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Neobroker Lightyear reports 700% AUA growth in 2023

CEO Martin Sokk called last year “an amazing one” for the business

Martin Sokk and Mihkel Aamer / Lightyear

Martin Sokk and Mihkel Aamer / Lightyear

Investment app Lightyear saw an 8x increase in its assets under administration (AUA) last year, AltFi can exclusively reveal, with nearly 20 per cent growth every month of the year.

The company also grew its headcount by 45 per cent, with now over 50 employees, released eight new products and launched in two new countries, Hungary and Croatia, taking its total market coverage to 22 countries.

“As a lean and experienced team, we’ve been able to react incredibly quickly to happenings in the market, bringing new products to customers that help them today — like passing on interest on uninvested cash balances and our BlackRock Money Market Funds,” Martin Sokk, co-founder and CEO of Lightyear said.

“Last year was an amazing one.”

Sokk said 2023 had ironically been the year of cash for the investment app, with Lightyear paying live interest rates on uninvested cash (minus a small fee), the company saw its average customer cash holdings rise during the year from 18 per cent to 26 per cent.

Of the top equities held on the platform, Tesla, Apple and Amazon took the top three spots, with Vanguard’s S&P 500, iShares Core S&P 500 and iShares UK Dividend as the most popular funds.

“Our goal last year was to get the platform to as many Europeans as quickly as possible. Our goal this year is to dive deeper on a country-specific basis to make sure Lightyear is the go-to place to build future wealth and invest,” Sokk added.

The CEO said Lightyear is aiming high for 2024, with tax-advantaged accounts (Lightyear notably does not yet offer ISAs in the UK), a further expansion of its investment universe, and localising the app into new languages.

One of Lightyear’s landmark 2023 launches was the arrival of UK business investment accounts with access to BlackRock’s money market funds, giving sole director companies access to these hard-to-access products.

Lightyear also added over 100 new UK stocks and ETFs, exchange-traded commodities with gold, in-app access to earnings calls and improved portfolio insights.

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