Finimize has closed a £450,000 Seed funding round led by Passion Capital.
The London-based startup, which seeks to make finance more accessible for millennials, also drew support from Jason Butler, a financial adviser and author.
Founded last year by Max Rofagha and Scott Tindle, the company says it will use the funds to grow its team and to continue developing its MyLife platform.
Speaking about the raise, Rofagha, founder and CEO, said: “Finimize MyLife is finally bringing financial advice into the 21st century, and this funding will allow us to continue developing the platform and building our team.
“We are committed to simplifying the complex finance world by helping our generation understand the options open to them and take control of their financial lives,” added the co-founder.
The platform, which is expected to launch in early 2017, sets out to help young people take control of their finances by using deep research and algorithms to provide a customised financial plan.
Eileen Burbidge, partner at Passion Capital, added: “Financial inclusion and literacy are massive issues for us as a society to solve – and which I’m confident the tech sector can help to address. Millennials in particular have the lowest levels of financial literacy across the United States and other regions around the world.
“We, at Passion Capital, are thrilled to be working with Max, Scott and the entire team at Finimize in order to improve financial literacy – and the company’s traction shows how impactful this team will be,” she concluded.