Fountain – make financial advice more accessible and relevant to millennials
Please introduce yourself and your startup Fountain to our readers!
Fountain is a goal based investment platform that is using smart technology to build investment plans that revolve around your goals. By automating the advice process, and bringing it online, we can offer bespoke investment plans to grow your money towards important goals, like your first-home, a dream wedding, or the holiday of a lifetime. Oh yeah -at a fraction of the cost.
How did you get the idea to Fountain ?
We were initially looking to innovate the pension space, and would host weekly “pizza and beer” nights and have open conversations about millennials relationship to money and investing. It was clear to us that millennials disregarded pensions because it felt so far away. We realised that millennials want investment advice that will them reach their more “immediate” goals; think of a first-home, a wedding, orthe holiday of a lifetime. Ta-da! Fountain was born. Investing that revolves around you and your goals.
How difficult was the start and what challenges you had to overcome?
There are so many challenges to building a FinTech startup, but luckily there is a burgeoning ecosystem of other startups and resources that can be really helpful. A few months ago, we were accepted onto the FCAs innovation hub. Regulation is a big hurdle in this space, and joining an FCA programme as an innovator business was a huge catalyst for us.
Who is your target audience?
People in their 20s and 30s, that are accustomed to an on-demand world, and expect investment advice that is affordable, convenient and on their smartphone, duh?
What is the USP of your startup?
We simplify investing and provide personalised advice that revolves around you. We’re tired of confusing financial jargon and inflated fees, and making investing more accessible by relating it to your goals, and bringing it online. If you’re overwhelmed by the endless jargon on a bulky trading platform, but you want your money to grow so you can reach your first-home deposit or a trip to Bali, Fountain is for you.
Can you describe a typical workday of you?
It’s a bit of a sandwich. We always schedule calls and meetings in the morning- then carve out a few hours to focus on product and strategy. We usually reserve evenings to attend industry events, or connect with other relevant people (or keep working if we’re free).
Where do you see yourself and your startup Fountain in five years?
There is so much work to be done in this space. The future of advisory and wealth management will be about anticipating client needs. Existing models are too passive, clients are paying hefty fees to ask a financial advisor a few questions, and to be pointed into generic ETFs. Imagine tools that track your investments and subtly suggest mortgage providers as you’re getting closer to your first-home deposit goal. Or suggest lower cost ETFs that suit your risk profile as they come onto the market. The future of financial services lies in leveraging data to discover your customer’s needs, and building a product that addresses them.
We’ve got a lengthy product roadmap and “to-do” list if we want make investing more accessible. So -to answer your question-I’ll be here in 5 years.
What 3 tips would you give other Startup founders on the way?
1. Start with what you can, but just start.
2. Surround yourself with other doers.
3. Speak to your customers. Understand their needs. Repeat.
More information you will find here
Thank you Dann Bibas for the Interview
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.