London fintech Automata seals £1.3M funding for its wealth card
Right now, the financial service industry is in the midst of a profound transformation as they are preparing to embrace digital transformation. Many fintech companies have begun disrupting the market with blockchain, cryptocurrency, and digital-only services. One such startup that’s leading the transformation of retail digital banking and wealth management is the London-based fintech company Automata now known as akt.io.
Automata raised £1.3M
Recently, the UK-based company raised €1.5M (approx £1.3 million) in private investments as part of its ongoing Series A funding round. The funding is raised through an equity token offering, enabling the public to acquire real equity in the company – creating a decentralized IPO. The €2 million (approx £1.8 million) raised so far is part of a plan to raise a total of €7 million (approx £6.3 million) to develop its technology.
Gael Itier, CEO and founder of Automata says: “Banks are and have always been so conservative, and they don’t mix with technology as they should. We are developing and merging cutting edge technology to provide the next generation of banking for people. A single platform where your money is always invested and working for you while being instantly accessible for your daily needs.”
How will the funding be used?
Automata intends to use the funding to accelerate its product development, the evolution of its proprietary technology, and the rollout of its ‘Wealth Card’ to the UK.
Founded in 2017 by Gael Itier, Automata is the umbrella company and creator of akt.io, a wealth-centred neobank that enables users to create wealth through automated investing, earn daily interest pay-outs with high-yield vaults, and much more using the ‘Wealth Card.’
Gael Itier, adds “We are transforming retail banking, investing and payments not at a surface level but at the core. Anyone can now have their money invested with a tap on their phone and still spend it as if the money was sitting on a normal current account. With automated fractional investing, you don’t need the same level of capital and knowledge anymore, and investing becomes easy and accessible for everyone.”
All-in-one digital platform
Notably, akt.io’s Wealth Card is an all-in-one digital platform allowing users to grow their wealth while at the same time keeping it accessible for spending as well. This French-born company employs around 15 talented engineers, entrepreneurs, developers, and AI specialists.
Gael Itier, continues “Savings have become a thing of the past, a sacrifice with close to zero returns. People need their money to grow and that’s not going to happen with a savings account that can’t even keep up with inflation. Investing has become mandatory for everyone wanting to secure their financial future.”