French fintech Finary has raised €8m in a Series A financing round to fund its strategic plan to build a modern private bank.
The funding round saw investments from existing shareholders Speedinvest & Y Combinator. They were joined by Qonto founders Alexandre Prot and Steve Anavi, and Bitpanda founder Eric Demuth as new investors.
Founded in 2020, Finary enables investors to track their investments automatically and instantly, regardless of the asset class. It also provides actionable and exclusive insights to the users.
According to Finary, its users can link to more than 10000 platforms, including integrations such as Trade Republic, Interactive Brokers, and eToro.
In the last year, the firm expanded its employee headcount to 12 and onboarded 30000 users.
The latest fundraise, which follows the Finary’s €2.2m round in May last year, comes as the firm seeks to overhaul its platform to build a modern private bank.
Finary co-founder Mounir Laggoune said in a blog post: “This funding is the fuel that allows to reinvent the private bank from the ground up. Over the coming months and years.
“Finary will transition from a Portfolio Tracker to a fully-fledged investment platform that provides tailored advice, access to top-notch investment opportunities and an incredible user experience.”
Finary intends to ‘break down the barriers to wealth creation’ by offering wealth services to investors without ‘minimum net worth and other requirements’.
As part of this, the firm plan to add new features to its platform and increase its team size by threefold and propel its expansion across Europe.
This week, fintech firm FeeX rebranded as Pontera after securing $80m in recent funding rounds led by Lightspeed Venture Partners.