Meet Forget Finance — the new financial coach for millennials
Why we invested in Forget Finance
Most millennials are overwhelmed by personal finance. Entering the job market is a life changing event. Not only does it mark a further step towards independence and adulthood, but we are also suddenly faced with lots of new questions, such as how to manage our finances, when and how to look into retirement planning, what types of insurance we might need, just to name a few.
While in theory many learn the basics on how to improve their financial health (e.g. putting money aside, keeping track of spending, investing parts of your savings early on), most people struggle translating their knowledge into action. Studies show that in 2020 only 17.5% of German adults invest long-term in stocks or funds — the number is even lower for millennials, which is at only 13%.
This is where Forget Finance comes in — the company is building a financial advisor for millennials. The product does not aim to become another savings app, but to provide users with an automated financial life that is supplemented by tailored coaching (you can download the app here → iOS).
Here is why we are excited about our investment:
🎯 Unique layer of personalized guidance and automation
Despite intense competition in the broader personal finance market, Forget Finance has defined a distinct value proposition that stands out: providing a unique layer of personalized guidance combined with a high level of automation, Forget Finance aims to be more than just another savings app. The company defines a new category, providing holistic financial guidance combined with mobile-first, effortless execution. We believe this approach satisfies the needs of its target group most and has the potential to become the go-to solution for any millennial that wants to get started with proper financial planning and management.
🎨 Strong UX-centric team with relevant experience
We believe that Konradin and Jurek are a very strong founding team. Through their previous experience at Freeletics and Neugelb, respectively, they bring in relevant expertise in mobile app development, banking technology, and leadership. Furthermore, they complement each other very well. Jurek has deep technical experience in building mobile applications in the financial sector, and Konradin has the product skills to build an intuitive and appealing UX-driven product.
🏃🏻 Initial traction & huge market opportunity
As a personal finance solution, Forget Finance addresses a significant market because sooner or later everyone needs insurance, bank accounts, savings or investment products over their lifetime. Moreover, we believe that the company’s initial focus on millennials and especially job starters constitutes a very attractive market segment given the urgency of the topic among this group. Moreover, Forget Finance’s user traction is very impressive, considering the limited feature scope of its MVP and indicates the company’s ability to trigger in-app purchases of financial products.
Given all these highlights, we are very excited to welcome Forget Finance to the btov family and to lead their EUR 3.5m seed round. We are joined by UVC, TA Ventures and carefully selected angels, including Reiner Mauch, Marcus Wolsdorf, and Florian Brokamp.
To all millennials looking for financial guidance: download Forget Finance for a EUR 15 start bonus when investing with your first saving plan. We are excited to hear your feedback on the product.
To all fellow investors and entrepreneurs: Feel free to reach out to us (ab@btov.vc and lm@btov.vc) if you are interested to learn more about our view on the market or if you would like to get in touch with the founders.
