Alinea Invest, a fintech app designed for Gen Z women, recently closed a successful $3.4 million seed roundFinancingThe app offers AI-driven wealth management services and attracted 225,000 app downloads before launching its virtual AI assistant. The funding comes on the back of a $1.8 million revenue run rate for the app, allowing the New York-area startup’s team of six to reach profitability.
Alinea Invest was founded during the COVID-19 pandemic by co-founders Anam Lakhani, Eve Halimi, and CTO Daniel Nissenbaum. The company aims to provide personalized wealth management solutions for young women, Generation Z, and children of immigrants. The founders discovered during their internships in the financial industry that many young women like them faced challenges in investing, which prompted the creation of Alinea Invest.
Image source: Alinea Invest
Alinea Invest is described as "Wealthfront meets Robinhood" and is designed for a Gen Z audience. The app focuses on approachability and aims to make investing less intimidating.FirstUnlike other female-centric fintech companies like Ellevest, Alinea Invest uses a subscription business model with a fixed annual fee of $120.
Alinea Invest is unique in its "playlist" feature, where users can build their own direct index, similar to curating music on Spotify. Users can customize their ETFs based on themes such as climate change, women's leadership, artificial intelligence, etc. So far, the company has successfully attracted a large number of users through content marketing, especially on TikTok.
With this $3.4 million financing, Alinea Invest plans to launch an AI financial advisor to further consolidate its position in the AI market. The assistant will be launched on a subscription basis to provide users with interactive investment assistance. Alinea Invest's goal is to provide personalized, easy-to-understand investment education and provide effective tools for wealth management for Generation Z women.
It is reported that the new round of financing was led by F7Ventures and GFR, and other investors included Worklife Ventures (Bri Kimmel), FoundersX Fund, Gaingels and Dropbox co-founder Arash Ferdowsi. Alinea Invest will use the new funds for product development, including artificial intelligence assistants, personalized services, and other educational initiatives.