Apps like Robinhood have revolutionized stock investing, and now Finvest is aiming to do the same for U.S. Treasury Bills. Shivam Bharuka, the co-founder and CEO of Get Moving, recognized the opportunity presented by the high interest rates and the lack of user-friendly options for investing in Treasury Bills. He and his team are developing the Finvest app to streamline the process of purchasing, managing, and selling U.S. Treasury Bills.
Key Takeaway
Finvest app aims to simplify the process of investing in U.S. Treasury Bills, offering a user-friendly platform with low management fees and a high-yield cash management account. With its recent funding and plans for expansion, Finvest is poised to make a significant impact in the investment app market.
Seamless Investing Experience
Finvest aims to simplify the investment process by offering a user-friendly platform for purchasing and managing U.S. Treasury Bills. Users can download the iOS or Android app, create an account, add a bank account, and initiate a deposit. Unlike traditional brokerage accounts, Finvest expedites the verification process, allowing users to start trading as soon as their accounts are approved.
Low Management Fees and High-Yield Cash Management Account
One of the key features of Finvest is its low management fees, charging only 0.03% per month on the average daily market value of Treasury assets. Additionally, the app offers a high-yield cash management account with a 4.4% yield, surpassing the returns of most savings accounts.
Investor Backing and Future Plans
Since its launch in December, Finvest has already attracted $2.7 million in funding from prominent investors, including Bayhouse Capital, Unpopular Ventures, Y Combinator, and others. Bharuka plans to utilize the funding to expand the engineering team and broaden the app’s offerings to include other asset classes such as corporate bonds and municipal bonds. Furthermore, the company is exploring international expansion, with a focus on Latin American countries like Argentina and Brazil.
