New regulations make it easier to invest in alternative investments Crowdfunding, and the recent explosion in crypto and NFTs means investors are more diversified than ever.
For those looking to manage their investment portfolios, it can be difficult to keep up with such a variety of investments alone. Money minx, a new startup based in San Diego that was co-founded by the couple Hussein and Jessica Yahfoufi, wants to help.
Put simply, Money Minx aims to build a “Personal Finance OS” for every household. The platform is designed to help people track all of their investments – yes, including crypto and NFTs – in one place and in any currency. The company claims that its AI can also go a step further and help people spot opportunities in their portfolio and spot potential risks.
“We designed Money Minx to help people cover all of their basics, better understand their personal bottom line, and grow their wealth,” said Hussein. “No financial advisor needed.”
Money Minx also aims to provide users with easy-to-use tools for creating dashboards and reports. In its “soft launch” phase, the startup grew rapidly – from $ 15 million in assets tracked in late March to $ 107 million by mid-May. The user base is growing by 40% from month to month.
Like many founders, Hussein says that he and Jessica developed the platform to meet their own needs.
“We built this because we needed it as ‘do it yourself investors’,” said Hussein, who previously started a crowdfunding site Apps and works as CTO at a San Diego-based fintech company. “I did not I want to hire a financial advisor and spend 1% of my portfolio every year telling me what to do. So I started doing it myself in a spreadsheet and then I started developing this tool last year. “
Speaking to other investors, Hussein found that many also managed their own finances and also invested outside of the stock market.
The story goes on
Photo credits: Money Minx co-founders Jessica and Hussein Yahfoufi / Money Minx
“Everyday investors prefer to invest more in crowdfunding sites and alternative assets than the traditional stock market, “he said.
This shift has created a niche in the market for an easy way to track investments across multiple platforms, the Yahfoufis believe.
Money Minx operates as a SaaS company and charges a monthly subscription fee for three different plans between $ 10 and $ 30 per month. Looking ahead, Hussein is considering setting up a white-gloved ministry.
Although Money Minx has been approached by interested VCs, Hussein wants the company to prefer to stay on the boat – for now.
In fact, VCs are pouring money into the room. Just last week, Personal finance startup Truebill announced that it has raised funds a $ 45 million Series D funding round D under the direction of Accel.
