The new regulations facilitate investment in alternative assets through fundraisingand the recent explosion of crypto and NFTs means investors are more diversified than ever.
Keeping up with such a variety of investments can be difficult for those who want to manage the management of their investment portfolios. on your own. cheeky for moneya San Diego-based startup co-founded by husband-and-wife team Hussein and Jessica Yahfoufi, wants to help with that.
In a nutshell, Money Minx aims to create a “Personal Finance OS” for every household. The platform is designed to help people keep track of all their investments — yes, including cryptocurrencies and NFTs — in one place, in any currency. The company claims that its AI can also go a step further and help people spot opportunities in their portfolio, as well as spot potential risks.
“We created Money Minx to help people cover all of their bases, better understand their personal bottom line and increase their net worth,” said Hussein. “You don’t need a financial advisor.”
Money Minx also aims to provide people with easy-to-use tools to create dashboards and reports. In its “soft launch” phase, the startup has been growing rapidly: from $15 million in tracked assets at the end of March to $107 million in mid-May. Their user base is growing 40% month over month.
Like many founders do, Hussein says that he and Jessica developed the platform to fill a need of their own.
“We built this because we needed it as do-it-yourself investors,” said Hussein, who previously started the crowdfunding site. app division and works as CTO at a fintech company based in San Diego. “I do not I want to hire a financial advisor and spend 1% of my portfolio each year so they can tell me what to do. So I started doing it on my own in a spreadsheet and then I started developing this tool last year.”
Hussein spoke with other investors and realized that many were also managing their own finances and had also moved to investing outside of the stock market.
“Every day, investors prefer to invest more in crowdfunding sites and alternative assets than the traditional stock market,” he said.
This change has created a gap in the market for an easy way to track investments across multiple platforms, the Yahfoufis believe.
Money Minx operates as a SaaS business and charges a monthly subscription fee across three different plans ranging from $10 to $30 per month. Looking to the future, Hussein is considering building a white-collar service.
Although Money Minx has been approached by interested venture capitalists, Hussein says the company prefers to keep up, for now.
In fact, venture capitalists are pouring money into the space. just last week, personal finance startup Truebill announced that it had raised a $45 million Series D funding round run by Accel.