Estonian start-up Fundvest, investment app launched last December, is expanding rapidly. The platform, already used by retail investors in the Baltic States, is now also available to legal entities.
To use the Fundvest mobile app, a legal entity must be registered in the Baltic States and have a Legal Entity Identifier (LEI).
According to Rasmus Klaassen, Founder, and CEO of Fundvest, Baltic’s potential and demands for innovation in financial technology are constantly growing. “We have set ourselves the ambitious goal of providing the companies of the Baltic States with an innovative and transparent app that allows them to manage their investments more efficiently,” says Klaassen.
Any registered Fundvest user who already has an account as a private person can initiate an opening of a corporate account. Once all the necessary verification steps are completed and there is a final approval given, the person authorized to represent the company is connected to a corporate account in the Fundvest app.
According to Martins Untals, Founder and Chief Technology Officer of Fundvest, the app’s functionality focuses on user-friendliness. It makes it as easy as possible to grow and manage financial capital which has been already confirmed by our clients.
“The mobile app allows a registered company to have separate multi-currency accounts enabling access to the US and EU stock exchanges for buying corporate shares and exchange-traded funds (ETFs), and using the auto-investment function. What we have been offering to individual users is now open to corporate investors,” says Mr. Untals.
According to R. Klaassen, Fundvest has raised close to EUR 1 million from its investors to set up the investment platform and to expand its activities in Estonia and other Baltic states. Hence, the plans and pace of future expansion are ambitious.
“In the third quarter of this year, we are planning to introduce the Premium package of Fundvest services to the market. Its enhanced functionality will open up even wider investment opportunities, provide access to shares of Baltic-listed companies and take consumer financial management to the next level of quality,” says Klaassen.
Fundvest’s distinctive feature is its transparent fees, which are generally lower than its competitors. Users of the app can transact for a fixed fee of 0.35% of the value of the transaction plus a 0.5% currency exchange fee when transacting outside the eurozone.
The mobile application operates in Android OS and iOS environments. The residents of the Baltic countries can download it to smartphones from the Google Play and App Store stores.
Fundvest is a modern, user-friendly, easy-to-manage, and transparent long-term investment platform that meets the needs of both novice and experienced investors. It is a Baltic start-up launched in Estonia in 2020 and has offices in Vilnius and Tallinn today. Fundvest is a brokerage firm licensed by the Bank of Lithuania and it started its operations at the end of last year.