£1.35m raised by FinTech ‘making current accounts obsolete’
Posted on November 2, 2020 by Alistair Hardaker
UK and France-based FinTech Automata has raised €1.5m in private investments as part of its ongoing Series A funding round.
The funding, which takes the firm’s total raised to £1.8m (€2m), was raised through an equity token offering, enabling the public to acquire real in the company through what it calls a ‘decentralized IPO’.
Its mobile app, yet to launch, will allow users to buy equity tokens and become shareholders.
The €2m raise is part of a plan to raise a total of €7m, which France-born Automata will use to develop its bespoke technology.
Since the company launched it has developed its own framework using its own algorithm to create technology which is almost 100% proprietary. Its aim is to continue developing its system to revolutionise how banks and individuals manage their money.
The €2m money raised will be used to support product development, the evolution of its own proprietary technology and the rollout of its self-termed ‘Wealth Card’ to the UK, allowing users to invest with ease and pay directly with invested capital, just like they would with any other currency.
Founded in 2017 by Gael Itier, Automata is the umbrella company and creator of akt.io, a wealth-centred neobank, merging AI-powered investment technology, decentralized finance and payment solutions.
The platform enables customers to make automated fractional investments with the help of algorithms, buy and exchange financial assets, and pay with any owned currency, asset or vault using the Wealth Card.
“Savings have become a thing of the past, a sacrifice with close to zero returns. People need their money to grow and that’s not going to happen with a savings account that can’t even keep up with inflation. Investing has become mandatory for everyone wanting to secure their financial future.” said Itier.
“We’re making current accounts obsolete by enabling you to pay with money that’s always invested and working for you, and by doing so, money as we know it will never be the same again.”