Evarvest: This women-led startup from Lithuania raises €228K to launch a ‘Spotify’ styled trading app

Evarvest: This women-led startup from Lithuania raises €228K to launch a ‘Spotify’ styled trading app

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With the recent advancements in technology, it is only natural that almost every aspect of our lives is going to be touched by tech in some manner. Most of our activities these days are online and stock trading is one of them. While there are numerous ways to keep an eye on the stock market online and to buy and sell stocks, there’s not been any notable innovation in the field. However, this could soon change with the upcoming launch of the Evarvest app.

The Lithuania–based women-led startup Evarvest is all set to launch later this year. The company was crowdfunding for its app on the UK-based crowdfunding platform, Seedrs, where it has blown through its goal by 304 percent to raise €227,963.

The startup is touting its upcoming app to be a ‘Spotify’ style trading app where users will be presented with functional, user-friendly interfaces with stock playlists to choose stocks from. We explored more about the company and the app in a conversation with Stephanie Brennan, Evarvest’s Founder and CEO.

4 features differentiating Evarvest from the competition

Brennan says that there are four key features that help Evarvest stand out from other trading web and mobile apps. The first one here is providing access to more than 30 of the largest stock markets around the world. “At Evarvest we think that people deserve a choice to select the markets they want to invest in,” says Brennan. The startup also aims to enable a safe and inexpensive way for its users to invest in more than 9,600 stocks and ETFs listed globally.

The second differentiating factor for the app is said to be its user experience. As mentioned earlier, the app will feature a Spotify-style trading solution with an intuitive user interface, easy picking stock playlists, along with many features that are said to bring in a social aspect in investing. One will not only be able to create and share their own portfolios with others but they can also follow their friend’s and Evarvest’s top-performing investors’ portfolio.

Thirdly, the startup is in the process of acquiring applicable licenses in different jurisdictions to make its app globally accessible. Finally, the fourth factor that makes Evarvest different is the inclusion of an ‘Educational Library’, which will enable its users to gain financial knowledge and make wise investment decisions.

‘A pension fund for the next generation of investors’

Evarvest will be utilising the freshly raised funding to develop its app and Educational Library. However, the next step in the app’s development will be the introduction of a modern pension fund. Brennan believes that not only the traditional pension funds are underperforming around the world, but they often lack geographical diversification and are mostly misaligned with the investment goals of the next generation of investors.

“As we have the trading infrastructure to support cross border investing, it makes sense to support investors on their wealth creation both inside and outside of their pensions and retirement savings,” adds Brennan. The startup’s pension fund will be set up under a Undertakings for Collective Investment in Transferable Securities (UCITs) structure that could be registered in any country around the world.

Currently, the first regions where the Evarvest app is slated to launch by the end of this year are the UK, Lithuania, Spain, Portugal and Poland. Later, the company plans to expand its services to other European markets as well as to the USA, Australia and Asia.

Future funding plans

While Evarvest has successfully completed its crowdfunding goal, the company is still on the lookout for investors. With its upcoming app, the company is aiming to offer attractive fees combined with no minimum account balances.

Commenting on the successful crowdfunding, Stephanie Brennan says, “Exceeding our initial target by 304% in our first crowdfunding round shows the support and demand we have for the problem we’re solving. It’s time to make investing as simple as having a smartphone and a good wi-fi connection – the way it should be! We want to thank the 598 investors that have joined our crowdfunding round and are part of our mission to shape the future of investing, removing barriers to entry and making investing and investment education accessible.”

Stay tuned to Silicon Canals for more updates in the tech startup world.

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