Fintech app ROI raises follow-on round of 315K€ from angels
June 18, 2021
As typical in startups, things do not go as planned all the time, especially during a pandemic year. The pandemic forced one of ROI’s major partners to shut down its activities, influencing the development of ROIs’ main product. That did not stop the ROI app from securing notable funding round from angel investors including several FiBAN members.
Raising angel rounds is not new to Ida Mänty the CEO and founder of ROI Financial Technologies Ltd. At the beginning of the year 2020, ROI secured its first angel investment after pitching at the FIBAN Pitch Finland event.
“We were immediately in contact with FiBAN before we even had started our second funding round. We had successful first funding round and we are grateful for the visibility that we had towards FiBAN angels! As we were planning to start the follow-on round we definitely wanted to introduce it to FiBAN”, says Mänty.
ROI secured their second funding round worth 315K€ from business angels which will go towards developing the platform that provides ETF investing and financial coaching to help beginners start investing with confidence.
“Now we are ready to have our full focus on launching the main product and have our first steps in internationalization. With the investment, we are looking to leverage the funding with the Business Finland project.” continues Mänty.
The round had several participants from existing investors as well as new investors. Having a second angel round helped ROI to secure more knowledge from the angels for the next steps.
“The round was a success and we were able to get more knowledge on the financial sector, internationalization, and on the consumer side. Now the plans of going forward are great as we already have contacts with VCs and the expansion to the European market can begin” adds Peter Friis, board member at ROI and a FiBAN angel.
“The company has a very energetic team. Especially Ida, the CEO, has the kind of passion every investor is looking for. The investment app market that ROI is in is really hot, and we’ve seen a lot of new investment apps out there. However, ROI has an intriguing go-to-market angle through education. There simply isn’t enough financial knowledge in the world and educating people about finance and investing also contributes to the general good. During my time at Wolt, I saw that being clever about your go-to-market in a crowded market is of essence”, comments Oskari Petas, co-founder at Wolt and one of the new investors at ROI – also a fresh FIBAN member.
FiBAN deal flow has been working normally during the pandemic year and startups have been applying in normal amounts. During this time FiBAN Pitch Finland events are organized fully online. ROI pitched at FiBAN in March and received a lot of interest from FiBAN investors.
“The cherry on top of the deal flow manager’s job is to make the introduction between investors and founders after their participation in FiBAN Pitch Finland. In this cake, the cherry was extra sweet as I had the pleasure to introduce altogether 21 investors from FiBAN to Ida. This kind of result would not happen without active participation from the founder and it was great to see this ending in the most successful result: an investment!” notes FIBAN Deal Flow manager Antti Viitanen.