FutureMoney, a digital platform designed to help families invest for their children and create generational wealth, today announced that it has successfully closed a $2.5M pre-seed funding round.
BOSTON, Oct. 9, 2024 /PRNewswire-PRWeb/ -- FutureMoney, a digital platform designed to help families invest for their children and create generational wealth, today announced that it has successfully closed a $2.5M pre-seed funding round, with recent participation from Serac Ventures, Hustle Fund, Telegraph Hill Capital, Capacity Capital, Harvest Ventures, RTL Capital, Next Wave, Mistral, Brian Payne & Aaron Hashim, Founders of Furnished Finder, and the Pitch Fund, started by the founders of The Pitch. Additionally, FutureMoney has been selected for the gener8tor Insurance & Wealth accelerator, in partnership with Allianz Life and Securian Financial.
"We are the first generation in history to be financially worse off than our parents, and something needs to change. As the world shifts away from traditional pensions to defined contribution plans, we have an entire generation that is not set up for financial success," says FutureMoney CEO and founder Philip Barrar. "Our goal with FutureMoney is to reverse this trend and provide parents of all income levels with a financially inclusive product that helps them effortlessly build generational wealth."
FutureMoney was founded in 2023 by fintech industry veterans Philip Barrar and Dave Fortin. Through the power of compounding returns and their simple, easy-to-use app, FutureMoney enables parents to quickly establish an account for their children, choose their goals and set up automatically recurring deposits, with an investment of only a few dollars a week. FutureMoney's innovative approach is reflected in their signature offering: the Junior Roth IRA™, a proprietary, tax-advantaged account service leveraging 529 plans that can be transitioned to a Roth IRA account after 15 years. This unique offering was made possible by changes in the SECURE 2.0 Act coming into effect at the start of this year.
"We were extremely impressed by FutureMoney's ability to build and launch a product in response to the newly implemented regulation in such a short period of time. Really love the hustle and Phil, as a successful serial entrepreneur, knows exactly what he's doing!" says Elizabeth Yin, co-founder and general partner at the Hustle Fund.
FutureMoney has been capital-efficient in bringing its product to market thus far, and with the new funds, the company is set to strengthen its position as a market leader in the family wealth-building category, focusing on strategic user acquisition and expanding its reach to empower more families nationwide. The company plans to leverage social platforms, influencer partnerships, curated affiliates, earned media, and a double-sided incentive program to drive user acquisition. They are also introducing community marketing strategies, referral and affiliate programs and monthly webinars.
"We believe firmly in democratizing access to wealth-building opportunities," says Darrel Frater, senior associate at Serac Ventures. "We are excited to support the team at FutureMoney as they make this vision a reality for millions of families across the country."
For about FutureMoney, visit https://www.futuremoney.co/
ABOUT FUTUREMONEY
FutureMoney is a Boston-based micro-investing platform that helps everyday families create generational wealth and give their kids a head start on building a nest egg. Founded by two fintech industry veterans who wanted a better solution to invest for their kids, FutureMoney is on a mission to make investing more inclusive and accessible to the average family, to secure a solid financial future for the next generation and to ensure that you can keep and grow as much of your hard-earned money as possible. Their signature offering, the Junior Roth IRA™, is a unique, proprietary, tax-advantaged account service leveraging 529 plans that can be transitioned to a Roth IRA account after 15 years. Unlike a custodial Roth IRA, the Junior Roth IRA™ has no requirement for earned income or income limits. FutureMoney accounts have $500,000 of SIPC insurance and are held with Pershing | BNY Mellon, one of the largest and most trusted custodians in the country. For additional information on FutureMoney and to download the app, visit www.futuremoney.co.
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SOURCE FutureMoney
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