The Idea Behind Wealthyhood
Founded by Alexandros Christodoulakis (former Morgan Stanley Trading Strategist) and Konstantinos Faliagkas (former Sony PlayStation Senior Software Engineer) in London, Wealthyhood is the first DIY wealth-building app for long-term investors. With its seven people team, Wealthyhood is aiming to help 7M Millennial investors in the UK; guide them to build their wealth over time by intelligently investing their money the way they want with fewer fees.
Most of the Millennials had two options when they needed to choose an investment app. They would either pick a trading app or a robo-advisor. Trading apps usually offer no guidance or tools on how to get started. They lead users to create a long-term portfolio and build wealth over time but end up gambling instead of investing. An app with a robo-advisor will cost 30% of users’ wealth until their retirement age, just to get them a model portfolio and rebalance once in a while. Here comes the fintech startup Wealthyhood into the picture.
A Short History of Wealthyhood
Wealthyhood was founded in June 2020, launched the beta version of the app in April 2021, and managed to raise £220K from Angel investors from JPMorgan, Morgan Stanley, and HSBC, including professional angel investors from Pringle Angel Network in May 2021. Also, they won first place in the FinQuest Accelerator awards in December 2020.
The startup is shortlisted for The Seed Stage event among more than 850 companies and a participant in the VISA Innovation Program.
The app had more than 3,000 early signed up users on its waiting list after their beta launch and more than 10,000 combined followers on their social media accounts. Already developed a community of 50 ambassadors from the top UK and European universities, and investment societies, Wealthyhood is looking for expanding its community of beginner retail investors who’ll use the app to grow their money. All they have to do is sign up to the waiting list for early access.
Building Trust Among Users
Two industry veterans in its advisory board and approved by the FCA in the UK, Wealthyhood offers smarter tools to develop, finetune, and automatically maintain an investing strategy and wealth-building mindset. Users have access to personalised insights and the liberty to invest what matters to them to achieve their personal goals. The app allows them to add every £ they don’t pay to their portfolio, thanks to the app’s lack of fees.
Users of Wealthyhood enjoy the mix of personalisation and automation and put their money to work, with the first wealth-building app for today’s long-term investors. The app’s easy-to-use tools enable them to develop an investing strategy that’s right for them, and its powerful automation helps them implementing and maintaining it.