Investment app Lightyear backed by Richard Branson in £21m round
UK investment app Lightyear has raised $25 million (£21 million) in a Series A equity fundraising round, including capital from Sir Richard Branson, the founder of Virgin Group, as it expands into 19 European nations.
Lightyear, a company that specialises in connecting European investors with global investment opportunities, was established by former employees of the money transfer service Wise.
Lightyear eliminates some of the fees associated with overseas investments by enabling users to have multi-currency accounts where they can add, store, and invest in other currencies.
The company says there are no account fees, trading fees, or custody fees associated with its service.
“Our goal [is to] give all of Europe access to the world’s markets without hidden fees and to make investing easy for everyone,” said Lightyear co-founder and CEO Martin Sokk.
Following the Series A investment, Lightyear announced its launch in Europe, expanding the service’s geographic reach to 19 more countries. Germany, France, Ireland, Belgium, the Netherlands, Finland, Spain, and other countries are among them.
“Nine months ago, we launched our app in the UK to initial waitlisters. Fast forward to now, and we’ve secured a European licence that enables us to launch across the continent and raised one of the largest Series A rounds in 2022,” Sokk said.
Sir Richard Branson, the founder of Virgin Group, and VC Lightspeed of Silicon Valley led the investment. Returning investors Taavet+Sten, Metaplanet, and Mosaic Ventures were also a part of the round.
Lightyear made its UK debut nine months ago and raised £6.1 million. The business had received £1.5 million in pre-seed capital a few months earlier.
Lightyear is a useful app that makes it easy for Europeans to access financial markets, with no fees associated with it. I’m certain this company will continue succeeding in its endeavours. Congratulations on your funding. Best of wishes to the entire team at Lightyear.Shishir Gupta, Founder and CEO, StartupLanes
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