An alternative robo-adviser company is making waves in London. Swanest, an online investment adviser service, received $10 million in seed funding, according to TechCrunch.
The rise of fintech has brought along with it a host of new ideas and innovative services, including automated services that leave out unneeded and unwanted extras.
The rise of robo-advising is now upon us, but Swanest takes an alternative approach.
The current leaders in robo-advising are generally considered to be Betterment and Wealthfront. Swanest initially wanted to follow a similar business model, but quickly realized that the model may not be that successful.
In addition to high costs, Swanest recognized that the cookie-cutter style of robo-investing may not appeal to all consumers. Instead, the firm decided to focus on providing personalized and customizable investment advice.
Swanest has built a platform that empowers individual investors to manage their own investments while also developing efficient investment strategies.
Like other fintech firms, Swanest relies on analytics from individuals to help form its platform and service.
By taking in the most commonly asked investment questions, Swanest can provide relevant and efficient information to its customers.
On top of that, the Swanest platform also allows for users to interact with one another through the platform, provide direct feedback to each other and help the entire community improve their investment strategies.