Wealthyhood and Genesis Ventures
Meet Wealthyhood, the first DIY wealth-building app for long-term investors that want to build their wealth over time by intelligently investing their money the way they want. Wealthyhood provides the perfect mix of personalization and automation so that even beginner investors can navigate the stock markets and put their money to work for them, like the top 1%. The two co-founders, Alexandros Christodoulakis and Konstantinos Faliagkas met 13 years ago, as first-year Computer Engineering students. Alexandros mentions: “Kostas and I remained very close friends since then, before deciding to take the leap and start our own venture! Our interest in fintech and investing comes from different angles. For me, it was through my studies, personal interest, and professional career in trading, and for Kostas, it was out of his own stock and crypto investing and passion for tech startups.”
While trading apps such as Robinhood in the US, have come a long way towards making finance accessible to all, for the still fragmented European market, these apps are becoming more and more popular. But Wealthyhood is not another trading app. “Simply put, we create the best investing experience for beginners and long-term investors. We guide European Millennials to create a fully-personalized portfolio that matches their preferences, consistently invest in it with low fees and automatically maintain it over time. We’re sick of the complexity, jargon, and most of all the “get-rich-quick” mentality that other trading apps encourage. Wealthyhood users cannot gamble through the app - we are not here to increase their adrenaline and help them actively trade the markets. That’s a different game.” says Alexandros.
While trading apps such as Robinhood in the US, have come a long way towards making finance accessible to all, for the still fragmented European market, these apps are becoming more and more popular. But Wealthyhood is not another trading app. “Simply put, we create the best investing experience for beginners and long-term investors. We guide European Millennials to create a fully-personalized portfolio that matches their preferences, consistently invest in it with low fees and automatically maintain it over time. We’re sick of the complexity, jargon, and most of all the “get-rich-quick” mentality that other trading apps encourage. Wealthyhood users cannot gamble through the app - we are not here to increase their adrenaline and help them actively trade the markets. That’s a different game.” says Alexandros.
Wealthyhood is the very first portfolio company of Genesis Ventures; the newly established early-stage fund co-founded by Stergios Anastasiadis and Dimitris Maroulis, and backed by the European Investment Fund. Dimitris stated that “The reason we initially engaged Wealthyhood is because we saw a very strong team; repeat entrepreneurs with solid experience in both investment banking and software engineering, great chemistry, and a passion for democratizing investing. The reason we continued engaging for a few months and eventually invested is because we saw this potential translate into real traction, in both product development and user growth”. And traction materialized as “Wealthyhood’s web platform went live in the UK, with over 4,000 active users in the past 4 months. The platform counts 30% weekly active users, with over 20% of invested users topping up at least twice.
Overall retention is over 99%!” according to Alexandros. Kostas adds: “While working with Dimitris and Stergios during the last few months, it was clear to us since the beginning that they both know well what pre-seed means, what the challenges are and how they can help and add value. For us, working with Genesis means having a partner that understands what the challenges are to getting a startup off the ground and can focus on getting to early product-market fit and refining our go-to-market plan while sharing our vision to democratize access to smart and personalized investing”.
Several angels are co-investing along with Genesis in this round. Among them, Kostas Stamatoukos, Director of Engineering at Wise, stated: “Wealthyhood’s mission to rationalize investing is something I deeply care about. Europe lacks products that educate people about healthy investing behaviours and offer them intuitive tools to make their money work for them. I’m excited to see more people investing with good foundations, and having met the team at Wealthyhood I’m confident it’s just a matter of time.”Another angel investor from a Tier-1 investment bank, Dimitris Katsikadakos, underlines: “Wealthyhood is helping retail investors in Europe, build, develop, fine tune and automatically maintain an investment portfolio. I am very glad to be supporting them in their mission.”
Overall retention is over 99%!” according to Alexandros. Kostas adds: “While working with Dimitris and Stergios during the last few months, it was clear to us since the beginning that they both know well what pre-seed means, what the challenges are and how they can help and add value. For us, working with Genesis means having a partner that understands what the challenges are to getting a startup off the ground and can focus on getting to early product-market fit and refining our go-to-market plan while sharing our vision to democratize access to smart and personalized investing”.
Several angels are co-investing along with Genesis in this round. Among them, Kostas Stamatoukos, Director of Engineering at Wise, stated: “Wealthyhood’s mission to rationalize investing is something I deeply care about. Europe lacks products that educate people about healthy investing behaviours and offer them intuitive tools to make their money work for them. I’m excited to see more people investing with good foundations, and having met the team at Wealthyhood I’m confident it’s just a matter of time.”Another angel investor from a Tier-1 investment bank, Dimitris Katsikadakos, underlines: “Wealthyhood is helping retail investors in Europe, build, develop, fine tune and automatically maintain an investment portfolio. I am very glad to be supporting them in their mission.”
So what are the team’s immediate plans? According to Alexandros, “The team’s top priority is the launch of the Wealthyhood mobile app in the coming weeks and knowing the work we’ve put into this one, I’m really proud of the result. It will be something unique in the investing space, and I can’t wait to share it with our community! From then on, it’s one word: growth. Growth in users, revenues, product features, and, of course, our team, as we’re always on the lookout for talented individuals to add their value to our journey (see open positions here)!
We can only serve UK residents at the moment, but launching in Europe is also in our minds. From the messages we receive, many of our non-UK users are really keen on using Wealthyhood to make their money work for them, and it’s something we’re working on.” But the team’s vision is much bolder, and as Kostas underlines: “Succeeding in our mission means democratizing access to smart and personalized investing so that everyone can grow their money in a way that corresponds to their values and personality. You don't have to be a millionaire or an expert to have a successful investing journey. Investing will be easy, seamless, and pleasant, even if people don't have the knowledge, sophistication, or time to spend on it.”
We can only serve UK residents at the moment, but launching in Europe is also in our minds. From the messages we receive, many of our non-UK users are really keen on using Wealthyhood to make their money work for them, and it’s something we’re working on.” But the team’s vision is much bolder, and as Kostas underlines: “Succeeding in our mission means democratizing access to smart and personalized investing so that everyone can grow their money in a way that corresponds to their values and personality. You don't have to be a millionaire or an expert to have a successful investing journey. Investing will be easy, seamless, and pleasant, even if people don't have the knowledge, sophistication, or time to spend on it.”
