Virgin announces investment in Lightyear investment platform
Virgin Group has announced an investment in Lightyear, a simple way to invest money globally without unnecessary barriers and fees.
The investment is part of a Series A equity round, which totalled $25m. It was led by Lightspeed Venture Partners, with Mosaic Ventures, Taavet+Sten and Metaplanet also taking part.
Lightyear combines multi-currency accounts with unlimited access to global markets so customers can invest freely without hidden fees. It is launching in Europe to enable customers from 19 different countries to access thousands of US and European stocks in addition to Exchange Traded Funds. Spain, Germany, Italy, Portugal, the Netherlands, France, Ireland and the Baltics are all part of this first European rollout.
Martin Sokk, Co-founder and CEO at Lightyear, says: “Nine months ago, we launched our app in the UK to initial waitlisters. Fast forward to now, and we’ve secured a European licence that enables us to launch across the continent and raised one of the largest Series A rounds in 2022. But our goal remains the same: to give all of Europe access to the world’s markets without hidden fees and to make investing easy for everyone.”
Lightyear was founded by Martin Sokk and Mihkel Aamer to bring a global mindset to European investing. In the past, if investors in Europe wanted to access international market they were hit with transaction and custody fees, as well as hidden foreign exchange fees. But with its multi-currency accounts that allow you to add, hold and invest in different currencies, Lightyear is bridging the gap between international markets.
Richard Branson, founder of Virgin Group says: “For too long, financial markets have been overly complex with high barriers to entry and confusing jargon. Martin, Mihkel and the Lightyear team are lifting the lid on the world of investing – making it more transparent whilst empowering people through education – to choose the products which are right for them.”
Since launching in the UK last year, Lightyear has tripled its stock universe, launched an industry-first social investment feature and added a suite of new products and features to bolster its data and education offering. All of these are available in the app for free. Lightyear customers also have access to a wealth of information before they make an investment decision, including professional analyst ratings, price targets and news feeds.
This series A funding will support Lightyear’s expansion plans across Europe, starting with 19 countries in the Eurozone. It has become the first neobroker to unlock most of Europe in one move. With no trading fees, account fees or custody fees, Lightyear is entering most European countries as the market's most competitively priced investment platform. And it’s already got its sights set on non-Euro countries next, including places such as Sweden, Norway, Romania, Poland and Hungary.
Visit Lightyear to find out more.
This article is not providing investment advice nor is it a financial promotion.