French robo-advisor company Yomoni has picked up $5.4m in a new round of funding from existing backer Crédit Mutuel Arkéa and Iéna Venture.
The company’s management team also bought back shares in the startup.
The wealth management startup operates similarly to the likes of Betterment and Wealthfront in the US market in offering low fees of 1.6% annually and a smaller minimum deposit than traditional wealth mangers of €1,000.
The Paris-based firm allow users to set the level of risk they are comfortable with in their portfolio and while the performance of these automated portfolios is variable Yomoni claims its user’s all grew between 2.3% and 7.1% in 2016.
To date Yomoni counts 2,000 clients with a total of $12.9m under management. It aims to grow that figure to €1bn by 2020.
The new funding will be used to hire more staff and develop new products including a mobile offering and a service designed to help parent save money for their children’s future.
Yomoni previously took on €3.5m in a round from Crédit Mutuel Arkéa.
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