Back in March 2021, UKTN reported that Ikigai, a new banking and wealth management fintech from London, was planning to launch a crowdfunding round in Mid-April, which it did and now, the company has closed at £1.9 million from Crowdcube.
The campaign, which ran from the 26th April to 27th May, raised £1.9 million and attracted 1,731 new investors, bolstering its pre-seed funding of £2.2 million to £4.1 million and surpassing its target by 158% in the overfunding round.
The funds will be invested in team growth, and to accelerate the product pipeline, which aims to integrate exceptional banking design, high-touch relationship management, and best-in-class financial technologies. Also, ikigai will continue to iterate its product by introducing new features that redefine the way affluent and young users bank. It will let them spend, save, and invest in both their personal and financial goals.
Started by former McKinsey and Company consultants Maurizio Kaiser and Edgar de Picciotto, the fintech is uniquely positioned as a combined online banking and wealth management tool. Aimed at mass affluent and future affluent individuals, Ikigai offers access to banking, savings and investment in their app for a flat monthly fee. The app reflects the Japanese concept of Ikigai, or life purpose, by simplifying banking and investment to help customers more easily achieve their life goals.
Maurizio Kaiser, co-founder of ikigai, said: “The success of the Crowdcube campaign has demonstrated an appetite to align premium financial services with the digital world, especially when it comes to combining everyday banking with Wealth management. The one-size-fits-all does not resonate for the growing number of young people who are seeking a financial partner where they feel valued and heard. This demographic is demanding a certain level of experience from its bank; one that educates on the purpose of wealth management in a safe, technologically secure, and practical manner – without compromising on the high tech and high touch personalised service.”
Edgar de Picciotto, co-founder of ikigai, concluded: “This round of funding is encouraging as it validates the need for a fintech like us to provide a holistic view of money combined with purpose. ikigai is here to ensure it helps each client become money-savvy using a transparent, goals-based and values-driven banking experience – where experience is core to instilling confidence when working towards personal ambitions and financial freedom. We want them to be able to invest well, save well and spend well.”
Launches Stocks & Shares ISAs
Founded in 2019 ikigai has also launched its Stocks & Shares ISAs in time for the new tax year. This allows customers to invest up to £20,000 tax-free using its premium digital experience combined with a relationship manager, offering a high-touch, human connection. This is something that digital banks and fintechs today don’t offer.
Once onboarded, the app has a simple and clean design that easily separates money into accounts for spending, saving, and investing through the Everyday, Nest, and Wealth product features. When investing, capital is at risk and the value of the investment can fluctuate.
Meanwhile, the company has partnered with leading brands including Railsbank, WealthKennel, and BlackRock to provide financial services. Ikigai’s service itself pulls everything together in a single app, currently iOS-only and launching on Android soon, that focuses on ease of use. It offers access to banking, savings, and investment in their app for a flat monthly fee.