In 2020, the ICF Venture Tech II fund invested €500,000 in Barcelona-based start-up Goin, a digital savings management company geared towards millennials. This investment is part of the €5 million financing round, led by Anthemis, K-Fund and Encomenda, which closed in late July 2020.
The ICF’s investment, coupled with funding from the other investors, will drive Goin’s growth in a twin-track strategy: enhancing the product and expanding the business to other European countries including Italy, Germany and the Netherlands.
The Catalan start-up, founded by David Riudor and Carlos Rodriguez, started trading in 2017 with the aim of optimising the return on users’ money through two instruments: savings and investment. Firstly, it provides savings tools to achieve specific goals such as a trip, a car or a new mobile phone. Then secondly, it allows investment in ETFs and cryptocurrencies.
Goin currently has more than 45,000 registered users, most of which are millennials. This group is one of the most frequent users of digital tools to manage their money. In fact, a study by the Edad&Vida Foundation and Esade researchers found that 63% of them do so using apps while 55% say they use digital payment methods to send money to friends or family. Against the background of the COVID-19 crisis, Goin has become a solution not only for saving but also for learning how to manage money efficiently.
“Here at Goin, we think it shouldn’t just be people with high purchasing power who have the chance to tap into a financial adviser,” says David Riudor, CEO of the company. “So using a simple mobile app, Goin enables users to save and invest their money without being financial experts to attain their financial goals.”
Artificial intelligence plays a key role in this process by predicting when a person will be able to achieve their goal. The integration of financial data and the connection to commercial services platforms such as Amazon means that the app can also be used to shop via Goin.
“Goin reaches out to a user profile which has growing purchasing potential because it speaks to them openly and in a language they understand, unlike many legacy banks,” points out Adrià Roca, a venture capital investment analyst at the ICF. “It also allows them to close the circle in personal finance through savings and investment tools which have never been available to millennials before.”
The firm has nearly 30 staff at present but is planning to expand its team in 2021.
About ICF Venture Tech II
ICF Venture Tech II FCRE is a €20 million venture capital fund managed by ICF Capital which is addressed to tech and/or innovation enterprises with high growth and appreciation potential in early stage and series A rounds. Investments are primarily in equity and/or debt/convertible debt instruments, preferably through co-investment. The amounts per transaction range between €500,000 and €2 million.
cloud technology axon
Con la incorporación de Sanitas y las suscripciones ya firmadas con a...
