State of play: Wealth-building tools
Last updated June 22, 2023
Wealth-building tools are becoming popular among the general public—and a boon to investors. Finance-related content has grown more accessible due in part to trends like the hashtag #FinTok has been viewed more than 3 billion times. The proliferation of financial resources has created an opportunity for companies targeting individuals entering the fintech space.
Deals from the last year include:
- Chexy, a Canadian startup that enables tenants to garner rewards through rent payments, secured CAD$1.3 million in a pre-seed round.
- Robinhood Markets announced it will acquire the income-based credit card startup X1 for $95 million in cash.
- Yendo, an issuer of a credit card collateralized by car ownership, raised a $24 million Series A, led by FPV Ventures.
- Boom, an Austin, Texas-based rent reporting platform, raised $4.5 million in seed funding, led by Starting Line with participation from Clocktower Ventures, Company Ventures and Gilgamesh Ventures.
- MoCaFi, a New Jersey-based personal finance platform for underserved communities, raised $23.5 million in Series B funding led by Commerce Ventures.
- Aviva, a Mexico City-based digital bank that focuses on small communities, raised $2.2 million in a pre-seed funding round led by Wollef. Newtopia VC, Seedstars International Ventures, Xtraordinary Venture Partners, 500 Global, Magna Capital Partners and 500 Startups LatAm also participated.
- Bridge, a Chicago-based banking platform for lower-income individuals, raised $5.8 million in seed funding led by TMV and Kapor Capital. Acumen America, Bread & Butter Ventures, Revolution’s Rise of the Rest Seed Fund, Plug and Play Ventures, Basecamp Fund (Alumni Ventures) and Ulu Ventures also participated.