Lightyear, Europe’s first completely commission-free investment app set to launch
by Startacus Admin
New fintech startup Lightyear secures major pre-seed funding and launches waiting list for its innovative investment platform
Fab news from new fintech startup Lightyear with the announcement of a $1.5M pre-seed funding round, alongside the launch of its waiting list for Europe’s first truly commission-free investment platform.
Set to start rolling out in Q3 2021, Lightyear marries multi-currency accounts with unlimited access to global markets so customers can invest freely without hidden fees or charges.
The startup which has been founded by early Wise (formerly TransferWise) employees Martin Sokk and Mihkel Aamer, is aiming to shake up the retail investment landscape in Europe, combining a low barrier to entry with a global mindset.
As regular investors themselves, they had both experienced the frustrations of high fees, hidden costs and the complicated nature of some investing products on the market. Lightyear was therefore born out of these barriers.
The $1.5M pre-seed funding is led by Taavet Hinrikus, co-founder of Wise and Sten Tamkivi, co-founder of Teleport as the first portfolio investment of their recently formalised partnership to invest in early-stage European businesses, alongside other lead investor Jaan Tallinn (Metaplanet), the co-founder of Skype. The round also welcomes a cohort of prominent angel investors and industry experts.
Martin Sokk, co-founder and CEO at Lightyear says: “Investing in Europe is a very long way away from where it needs to be. Professional and experienced investors have good options open to them with clear pricing and best-in-class tools, but ordinary investors don’t have that. Lightyear is going to be Europe’s first truly commission-free investment platform, and using our experience with transforming how the world approaches currency conversion, our goal is to completely change the name of the game when it comes to investing.”
Taavet Hinrikus, co-founder of Wise and investor, adds: “Most things in our lives are available at the tap of a button or with a good internet connection, yet access to global financial markets is still murky and expensive. The potential here to open up investing for everyone, much further than just their local markets, is very exciting. Giving everybody access to the best deal when it comes to their money is in my DNA, so I’m excited to support Lightyear on this mission.”
If you'd like to join the waiting list for Lightyear, you can sign up and register your interest in getting early access to the app when it launches later this year. Upon launch, the first 2,000 customers will receive £10 to invest in a stock of their choice, and waitlisters will get the chance to be part of the beta testing community for future product launches.
Exciting times ahead!
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Published on: 3rd June 2021
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