Both startups were founded by entrepreneur Walter Krattenden, creator of the investment platform Acorns.
American embedded investment platform Ant Money raised $20 million in a Series A funding round.
The main investors for this round were Franklin Templeton Investments, Rx3 Growth Partners, SteelBridge Laboratories, Steelpoint Capital Partners, and Walter Cruttenden.
Fintech micro-investment startup Ant Money was founded by entrepreneur Walter Krattenden in March 2020. Ant Money has developed two apps: an ATM investment platform and a Learn & Earn training app. This startup helps users earn between $100 and $1000 per year using the ATM app, depending on their level of engagement.
Earlier in 2012, Krattenden created the change investment platform Acorns, and in 2018, the earnings platform Blast for gamers. Now the entrepreneur has decided to merge the last two startups and merge Blast with Ant Money. Prior to the merger, more than 500 thousand users were using the Ant Money app, the portal reports. Moreover, 100 thousand of them have investment accounts.
By the end of next year, the startup plans to bring the number of user investment accounts to 1 million, and the total number of clients to 3 million, the company’s management told portal TechCrunch. Ant Money makes money from advertising, as well as through subscription fees for educational courses.
Ant Money founder Michael Gleason compared the platform to Robinhood. Users can send funds both to ETF funds, and invest them in individual stocks. Gleason also sees Coinbase as a competitor with its Learn and Earn concept.
“I think we are at the center of it all, but we have a huge advantage: we can open investment accounts at very low customer acquisition costs – much lower than our competitors – and at scale,” Gleason told TechCrunch.
Recall that another company from the founder of the fintech startup – Acorns – is planning to enter the stock exchange through a merger with SPAC. The company is probably worth $2.2 billion.
Read also: Vietnamese e-wallet provider MoMo has been awarded unicorn status in a $200 million round.