Berlin personal finance FinTech Forget Finance raised 3.5 million euros ($3.96 million) in seed funding led by venture capital firms btov Partners and UVC Partners, the startup announced in a press release emailed to PYMNTS on Wednesday (Feb. 23).
Launched two years ago by Jurek Herwig and Konradin Breyer, Forget Finance is striving to become the first finance app that taps artificial intelligence (AI) bots and in-real-life financial experts to encourage younger generations to save and invest.
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“The two founders of Forget impressed us immediately with their vision of adapting financial advice and personal banking to the needs of a digitally savvy generation. Although stock investing with Trade Republic and Co. has reached mobile phones, many young people lack financial education and guidance. This is where Forget Finance, with the first personalized financial platform to fit the lifestyle of young people, comes in,” said Luca Martinelli, a partner at btov.
The Forget Finance app can help millennials establish financial goals, make investments and automate their money management for the long term. A new type of hybrid financial advisor — the AI bot, Coin — is open to users any day or time. Coin dispenses personalized insights of a user’s financial plans right within the app.
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Advice from human experts is available via WhatsApp, where Forget Finance customers can discuss their individual issues with the company’s financial coaches. The goal is to motivate people disinterested in finance and simplify a user’s financial life using smart automation.
“In our first phase of business, we showed how the financial advice of tomorrow will look. In the second, we are building the digital bank of the future which offers individual guidance, simplifies and automates our users’ entire financial lives. We are very pleased to have btov Partners and UVC Partners on board as key investors on our mission,” said Breyer.
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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