Hey, Have you Met Finimize?

Nov 6, 2017 · Guest post from Max Rofagha, CEO & Co-founder of Finimize

Screen shot 2017 11 05 at 22.32.20

Hey there! (👋 )

We’re the team behind Finimize, a London-based fintech startup that’s working to solve a big problem: how can we make finance more accessible – and how do we empower millennials to become their own financial advisors?

The main challenges that we’ve identified are the lack of knowledge, tools, and clarity surrounding financial planning and personal finance. That’s where the idea of Finimize was born. We’re striving to solve a problem of helping millennials better understand and plan their personal finances. It’s about breaking down the walls surrounding finance by providing simple, clear, unbiased financial information and advice.

To set the stage, we've done some research on financial literacy with YouGov and the results speak for themselves – 59 per cent of millennials couldn’t confidently explain what an ISA is, 84 per cent couldn’t tell you what the term ‘equity’ means and 90 per cent couldn’t confidently explain what ‘asset management’ is. Of the 1,000 people surveyed, 50 per cent were not confident explaining ANY of the financial terms listed in the survey. Now that’s not necessarily their fault – but it’s standing in the way of people’s financial wellbeing.

Even those who work in the financial services or legal industries fared little better than those in other industries. According to the survey, 41 per cent are not confident explaining what an ISA is, 65 per cent couldn’t tell you what ‘equity’ means and 69 per cent couldn’t explain what a bond is.

In 2015, we launched a daily newsletter, covering the top two financial news stories of the day that is easy to read, concise, and without financial jargon. It takes three minutes to read and it’s free! The goal is to enhance a user’s financial literacy to be able to make more informed decisions when it comes to their money. Within the first year alone, the Finimize newsletter had reached 80,000 subscribers. Today it reaches over 130,000 subscribers and counting.

Alongside the newsletter, we’re currently building Finimize MyLife, an all-encompassing financial planning platform. It helps users understand fundamental principles, such as why you should have an emergency fund and why income protection is important, all while helping you plan for what you want to achieve in life - be it buying a house, moving countries, or going on a backpacking adventure. It also addresses key themes of debt, investing, and setting up a pension.

The app is currently being developed in Alpha, and has been released to a small group of users from the Finimize community. The waitlist for the platform has been consistently growing and we’re excited to continually add more users to the platform. We plan on launching the Beta by the end of this year!

We have a great group of people on the team that are shaping the culture and future of Finimize. All of us are dedicated to the mission, hard-working, and inspired to be a part of something meaningful! Oh, and we love emojis, gifs, and passing a football around the office. 😉

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Max Rofagha, CEO & Co-founder of Finimize

Max is the founder of Finimize, the UK startup making finance accessible for millennials – backed by London-based VC Passion Capital. Before Finimize, Max co-founded an ecommerce startup with 200 employees (backed by Lakestar) and sold it in 2015. He also mentors at Techstars and Startup Bootcamp and was named one of Forbes "30 under 30" for 2016.

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