Online investment firm reaches £1m crowdfunding target
Welsh online-investment start-up Wealthify has met and exceeded its crowdfunding target of £1 million target seven days before the funding deadline.
Wealthify launched on the Seedrs crowdfunding platform on 12 September and has now raised £1,011,826 which takes it 1% over the target of £1,000,003.
Following the success of the funding project investors will now own 9.3% of the company.
In April the Cardiff-based company launched and announced it would be a mas-market proposition for those with a minimum of £250 to invest. Fees are 0.7% for the minimum investment and 0.5% for £100,000 or more.
PR and content manager Mike Normansell said the journey had been tense because although the funding started very well it then slowed down.
Normansell said it has sped up again in the last few weeks since Wealthify had been out talking to potential investors.
Wealthify previously raised £1.55 million from investors, grants and other sources and has also been backed by the Welsh Government.
Michelle Pearce, Wealthify co-founder and chief investment officer, said she hoped the service would show people they can do more with their money than just save.
She said: ‘We are trying to educate people and understand that over the long run the stock market can typically give them a much higher rate.
‘People will be able to go online and see how their investments are doing at the close of each day.'