5 Wealth Management Startups You Better Keep An Eye On

Written by Rodolfo Passeri

We have a lot to share is this blog as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.) and a look at the 5 wealth management startups you better keep an eye on.

Wealth Management

Our Current Coverage

  • • We track 2,912 banks providing Open Banking services! (+9 from August 30th)

  • • 1,040 APIs currently tracked on our platform!

  • • 460+ TPPs in the ecosystem!

  • • 89 Global markets covered!

  • • 45+ Open Banking API Aggregators! (+1)

  • • 167 Open Banking powered apps! (+1)

  • • PSD2 API & PSD2 Open Banking coverage!

  • • Track over 60+ data points for all Open Banking projects!

And we are growing on a continuous basis... 🚀🚀🚀

Developments (August 30th to September 6th):

We initiated coverage and provided Open Banking API information for:

  • Vast Bank - Vast is the first nationally chartered U.S. bank to enable customers to seamlessly buy, sell, and hold cryptocurrency assets.

  • Apple Bank - Apple Bank for Savings is a bank holding company headquartered in Manhasset, New York and operating in the New York metropolitan area.

  • Popular Bank - Popular Bank offers financial solutions tailored to meet the unique needs of our customers.

  • HDFC Bank - HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai, Maharashtra. HDFC Bank is India's largest private sector bank by assets

  • Axis Bank - Axis Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. 

  • State Bank of India - State Bank of India is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.

  • • Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀

  • • And many more!

We continue to cover over 45 aggregators!

5 Wealth Management Startups You Better Keep An Eye On

With the Fintech revolution reshaping the financial service industry, there has been a significant proliferation of Fintech startups in several fields, including wealth management. Wealth management platforms mainly focus on building innovative solutions to help individuals better manage their income, spending and savings. On top of this, they democratize access to powerful investments solutions, allowing individuals to invest in a simple way.  Here are five wealth management startups that are truly bringing innovative solutions to the Fintech world. 

1. Titan 

Founded in: 2018

Founders: Clayton Gardner, Joe Percoco, Max Bernardy

Headquarters: New York, New York, United States

Valuation: $ 73 M – Series B

Titan is a startup building a retail investment management platform targeting the new generation of "everyday investors". The startup, which describes itself as "a new-guard active investment manager," launched its first investment strategy in February 2018. As of today, Titan has 30,000 users and offers four different strategies with different targets, including one entirely focused on crypto. According to the company, Titan's platform grew by 500% in the last 12 months, largely organically, which expects to cross its first billion in assets under management later this year. Titan is currently available only for US residents but is planning an international expansion in the future.

2. Empower 

Founded in: 2016

Founders: Justin Ammerlaan, Warren Hogarth

Headquarters: San Francisco, California, United States

Valuation: $ 24.5 M – Series A

Empower is a startup combining budgeting with accumulating savings. It connects to users' financial accounts, tracking the activity to control their cash flows better. Users can set weekly or monthly spending limits for different categories of their life and Empower will notify them on how they're tracking. Moreover, through their AutoSave feature, users can set a savings target, and the app will automatically move extra funds, when available, into savings. Beyond budgeting, Empowers offers a 10% cashback on selected items, a $250 cash advance with no interest or fees, and a tool to help users spot the subscription to services they no longer use, allowing them to save on the unused ones. 

3. Penfold

Founded in: 2018

Founders: Chris Eastwood, Peter Hykin, Stuart Robinson

Headquarters: London, England, United Kingdom

Valuation: £ 8.5 M 

Penfold is an FCA-regulated platform that enables customers to set up, manage and track their pensions online or through its app in a matter of minutes. With a target customer base of freelancers, the self-employed and limited company directors, whose incomes fluctuate from one month to the next, it provides six fund options. It then allows customers to transfer existing pension points into Penfold completely free of charge.

4. Wealthsimple

Founded in: 2014

Founders: Brett Huneycutt, Michael Katchen, Rudy Adler

Headquarters: Toronto, Ontario, Canada

Valuation: $ 900.4 M – Series B & Private Equity Round

Wealth simple is a fast-growing investment management startup offering financial tools to help investors grow and manage their money. Currently, the company has £6.4 billion assets under management and serves more than 1.5 million customers worldwide. Wealthsimple invests customers' funds in a globally diversified portfolio of low-cost index funds, providing the best possible return while optimizing the tax bill. Using AI, Wealthsimple's algorithm also performs automatic rebalancing, dividend reinvesting, and tax loss harvesting. 

5. Chip

Founded in: 2017

Founders: Alex Latham, Simon Rabin

Headquarters: London, England, United Kingdom

Valuation: £ 20.1 M– Series A & Equity Crowdfunding 

Chip is a wealth management app that enables customers to earn the best returns on their savings seamlessly. Chip automatically builds savings using AI to ensure users put aside the perfect amount based on their spending habits. The platform then utilizes open banking technology to allow customers to start investing with the biggest investment manager globally, Blackrock. Once you have defined your risk attitude, out of a scale of 7, you can pick one of the many funds offered and invest in it with a single tap. 


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The Banq team

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