Investment app Lightyear launches in Europe
Lightyear, a new investment platform from the United Kingdom, raised 25 million dollars in growth capital. Today it is launching in 19 countries in Europe. The company is also eyeing future launches in non-Euro countries.
Lightyear is an online broker that first launched in the United Kingdom last year. The platform offers multi-currency accounts with access to over 3000 American and European stocks, in addition to Exchange Traded Funds (ETFs). The company currently houses 30 employees.
19 countries across Europe
The growth capital is raised alongside a fast-paced European expansion. After launching in the United Kingdom in September last year, Lightyear is now entering 19 new countries in Europe.
Lightyear is eyeing non-Euro countries in the future as well.
The list includes most Western European countries (France, Germany, Italy, Spain, the Benelux region and Austria), the Baltic states (Estonia, Lithuania and Latvia), several Southern European countries (Portugal, Greece, Cyprus, Malta) as well as Finland, Ireland, Slovakia and Slovenia.
Lightyear is also eyeing future launches in non-Euro countries like Sweden, Norway, Romania, Poland and Hungary, it says in the company’s press release.
0.35% conversion fee
Lightyear was founded by Estonian entrepreneurs Martin Sokk and Mihkel Aamer, who previously worked at money transferring firm Wise in the United Kingdom. The app prides itself on having no trading, account or custody fees and multi-currency accounts.
Users can start investing from 1 euro.
Investors can hold, convert and invest in euros, British pounds and dollars. There is a flat fee of 0.35 percent on currency conversion for foreign shares though. Lightyear users can start investing from 1 euro through fractional shares.
‘European licence enables us to launch across the continent’
“Nine months ago, we launched our app in the UK to initial waitlisters,” co-founder and CEO Martin Sokk says. “Fast forward to now, and we’ve secured a European licence that enables us to launch across the continent and raised one of the largest Series A rounds in 2022.” He continues: “But, our goal remains the same: to give all of Europe access to the world’s markets without hidden fees and to make investing easy for everyone.”