Social investment app to hit 30,000 users
A social investment app is set to hit 30,000 users as it approaches its first anniversary.
FinTech entrepreneurs Tom McGillycuddy and Matt Latham officially launched Tickr in February 2019 to target socially responsible investors.
Around 80 per cent of Tickr’s users are first-time investors, attracted to the fact they can put their money into specific companies spanning four separate themes: climate change, equality, disruptive technology, or a combination of the three. The minimum investment required is £5.
Latham said Tickr is changing the face of so-called ‘impact investment’ and predicted the sector would grow exponentially as the current generation of millennials inherit money from their families.
Tickr, which employs 14 people and has offices in Liverpool and London, has already raised £2.3m in investment and is set to embark on a third round later this year to fund its future growth.
Latham, 31, said: “We set ourselves some ambitious targets and we’re on track with them. We’re approaching 30,000 users, of whom 80 per cent are first-time investors and the average age is 31.
“We’re trying to build something for the next generation of investors. The current apps are doing a good job of talking to experienced investors.
“We are designing something from scratch for the next generation who care about their social impact. Climate change is vital. First-time investors care about the companies they work for and invest in.
“What we’re doing is impact investing. As the next generation inherits trillions of dollars of wealth they are demanding their investment portfolio has a positive social impact and makes a return on their investment – the two can co-exist.”
Last year McGillycuddy told BusinessCloud that Tickr was in talks with leading challenger banks about integrating its technology into their platforms.
Latham and his co-founder Tom McGillycuddy met in 2011 when they joined Barclays Wealth on the same day.
McGillycuddy left to join Wellington Management and the pair both resigned from their jobs in 2018 to work on Tickr, which was officially launched in February 2019.
An initial round of seed funding raised £860,000 and was followed by a successful crowdfunding campaign in April 2019.
Latham said: “We’re offering investments that are designed to make a return but will have a positive social impact at the same time. We’re trying to be at the forefront of impact investing. Impact investment is doubling in size every year and has for the last six years.
“Our number one priority is growth. Our aim is to be profitable in a couple of years.”