Fintech startup Prillionaires is planning to introduce a new online platform to help stakeholders in the wealth management industry to map and track their net wealth.
The new app has been designed to enable users to link, sync and scan multiple bank accounts in the US, the UK and beyond.
Users of the app will be able to gain access to their investment accounts, retirement funds, stocks, crypto wallets and others to estimate their net worth in real-time, stated the firm.
The app has been developed by London-based couple Laszlo and Krisztina Peter.
Prillionaires chief marketing officer Krisztina Peter said: “If you have multiple bank accounts, cars and properties, that doesn’t necessarily mean you are rich as they don’t equate to wealth if you have mortgages and loans too. What you still need is an aggregated overview of your assets and debts.
“We’ve defined a ‘prillionaire’ as someone who has several bank accounts across borders, has retirement funds, different kinds of investments, properties and perhaps a crypto wallet.
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“They belong to or will soon be part of an elite affluent community – and most importantly, they have the desire to be a millionaire.”
According to Prillionaires, it takes less than two minutes of time for the app to offer a consolidated summary of the user’s net worth.
Regulated open banking and military-grade encryption have been used to protect the app, which is accessible through both desktop and mobile.
Krisztina added: “Research shows that Millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over 68 trillion dollars from their Baby Boomer parents by the year 2030, so having the knowledge in place to motivate our visitors to step up and manage their wealth themselves.”