Member Article

This financial advice platform for millennials has signed up some of the UK's biggest robo-advisors

Finimize, the London-based financial information community, has announced that it has signed up some major new partners ahead of the official launch of its financial advice platform millennials.

The startup, which has built up a following of 100,000 subscribers for its newsletter in just over a year, is developing its Finimize MyLife, a service powered by algorithms which creates personalised financial plans in around three minutes.

Now the business has signed up investment management and tax advisory business Smith & Williamson and insurance firm Lifesearch to the platform, which will see both companies offering their products and services when MyLife launches.

Finimize has also revealed that it signed up ‘most’ of the UK’s biggest robo-advisors, that is apps and platforms which provide financial advice and portfolio management utilising AI and machine learning techniques, which will be integrated into the platform.

The startup, which raised £450k seed funding in a round led by Passion Capital last year, has name-dropped Cardiff-based online investment service Wealthify in particular. Other major players in the space include Nutmeg and Moneyfarm.

Co-Founder Max Rofagha said that the new MyLife platform furthered the startup’s aim to demystify the opaque finance industry and empower millennials to get on top of their personal finances.

He commented: “Finimize is committed to simplifying the complex finance industry. We’re embarking on a mission to empower our users to become their own financial advisers. And we’re doing that by providing them with the necessary tools like financial news and education as well as a holistic financial planning platform.”

To work out a user’s individual plan, the MyLife platform first asks them to input their personal details, including savings, debts and income.

They must then select their financial goal, from amassing an emergency savings pot to investing their savings or saving for a house, from which Finimize will then automatically create a personalised plan targeted at achieving their stated goal.

Users then have the option, where relevant, to select from a list of Finimize partners who provide products and services which can help bolster and support their financial plan, such as investment products for those wanting to invest their savings, with special discounted rates and perks for Finimize members.

Rofagha believes the new platform has the potential to transform the market and claimed that the startup had experienced significant interest in its early access programme.

He added: “There is nothing quite like FML in the market and we have seen a phenomenal level of interest from both traditional financial services providers and newer fintech players.

“Partnering with the UK’s biggest robo-advisors as well as LifeSearch and Smith & Williamson will help our users act on the financial plans and we look forward to welcoming more companies in the coming year.”

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