back Back

Lightyear closes an $8.5 mn funding round and launches its app in the UK

By Joy Dumasia

September 16, 2021

Share

Lightyear announced an additional $8.5 mn of funding alongside the launch of its app as the company started to onboard UK customers from its waiting list. Lightyear combines multi-currency accounts with unlimited access to global markets so customers can invest freely without hidden fees.

The new investment platform seeks to eradicate the ambiguity, and unjustifiable fees levied on retail investors. With platforms charging different fees at varying customer journey points, they leave little clarity around the true cost of an investment. Lightyear is on a mission to flip this pricing model on its head by giving customers the tools to add, hold and invest money in multiple currencies, removing the need for conversions.

Lightyear was founded by early Wise alumni Martin Sokk and Mihkel Aamer and pledged to bring a global mindset into the European investment space. Traditionally, if European investors wanted access to international markets, they have been hit with various fees such as transaction and custody fees, most notably foreign exchange fees.

Mosaic Ventures led the new $8.5 mn funding alongside existing investors Taavet+Sten (Taavet Hinrikus and Sten Tamkivi) and Metaplanet. New angel investors coming in this time include early Monzo backer Eileen Burbidge, Harsh Sinha, the CTO at Wise and Taavi Tamkivi, the CEO at Salv.

Martin Sokk, Co-founder and CEO at Lightyear, said: “10 months ago Lightyear was just an idea, so we’re really excited to have raised a total of $10 million, hired a world-class team and to be launching the first iteration of our app. There are more people in Europe investing now than ever before, but there’s still a very long way to go. Our goal is to give all of Europe access to the world’s markets without hidden fees and to make investing cognitively easy. We’re excited to have such a strong group of investors that share this vision with us.”

Previous Article

September 16, 2021

Clear builds app for tax experts to deliver faster compliance

Read More
Next Article

September 16, 2021

Clickatell and Visa’s Cybersource deliver “Chat 2 Pay”

Read More

IBSi Prime News

October 21, 2021

Who are the top 10 most influential FinTech companies in 2021?

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Clausematch policy portal is now streamlining compliance for 90,000 Barclays employees

Read More

Today

4 promising FinTech companies in Mexico

Read More

Today

Occam.fi and DEX aggregator MatrixSwap explore a strategic collaboration

Read More

Related Reports

Bank-wide
Sales League Table Report 2021

£1,500 / year

Know More
Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More
Retail Banking
The Future of Digital Banking Report 2021

£1,500 / year

Know More
Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More
Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More