Amsterdam-based Equip raises €2M to improve the financial well-being of employees

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Amsterdam-based Equip, a financial planning platform offered by employers to their employees, announced on Tuesday that it has secured €2M in a pre-seed round of funding.

The round was led by XO Ventures, an early-stage, hands-on health/tech investor and part of XO Capital, a single-family office. The firm focuses on companies that provide solutions that enhance the quality of life of its users.

The round also saw participation from Antler and 12 angel investors with backgrounds in technology and the financial sector.

Employee financial worries negatively affect employers

According to a study, financial uncertainty not only has a big impact on individuals because it is the top cause of stress among workers, but it also has serious ramifications for organisations.

As per Equip, such type of stress leads employees to be two to three times more likely to move professions, which presents a dilemma for businesses in today’s competitive labour market.

Additional effects of financial stress include increased rates of sickness absence and a weekly productivity loss of three hours per employee. This results in an overall amount of hidden expenses for companies of at least €5,000 per employee per year.

According to a study by Deloitte, in association with the Dutch research organisation Nibud and Leiden University, 60 per cent of Dutch households, particularly those under the age of 34, are now financially insecure or even ill as a result of these issues.

In the Netherlands, very few businesses provide their staff members with financial planning and coaching services, and the available platforms and applications lack user-friendliness and a comprehensive approach.

And this is where the Amsterdam-based Equip is looking to make a difference.

An all-in-one financial planning platform for employees

Founded in 2022 by Toon Peek (ex-J.P. Morgan), Jan Klinkhamer (ex-J.P. Morgan), and Jan Cees van Senden (ex-McKinsey), Equip is a financial planning platform that aims to offer financial peace-of-mind for everyone.

The company accomplishes this by collaborating with employers: Equip serves as the workers’ financial co-pilot.

The platform offers personalised ideas on what to do, when to do it, and how to do it, the counsel of financial experts, and instructional content (in the form of articles and videos, and interactive workshops) to support workers in creating and adhering to a personal financial plan to achieve their life objectives.

None of the data and interactions of employees is shared with their employer or third parties to ensure the anonymity of use.

Equip claims that its platform’s utilisation results in happier, healthier workers who are more engaged and productive. It is paid for by employers through a subscription model and offered to employees for free.

Co-founder Toon Peek says, “Supporting financial well-being is the next big frontier for employers towards more satisfied, productive, and loyal employees. In the current economic climate, this support is no longer a ‘nice-to-have’, but a ‘need-to-have’.”

“Our mission is simple: we want every employee to experience financial peace of mind, regardless of their income and wealth. Accomplishing this goal not only results in a positive effect on the bottom line of employers; together we’re also creating a positive impact on society.”

Since its inception, Equip claims to have witnessed success on the Dutch market and is now being utilised by a wide range of organisations, including Rituals, War Child, and Ticketswap.

Capital utilisation

Equip says it will use the funds to make the support of employees in their financial well-being the norm across Europe.

The money will be used to further develop the Equip’s platform. The company’s aim is to become the leading platform for improving the financial well-being of employees in Europe within five years.

Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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