Hussein talked to other investors and realized that many were also managing their own finances and had also moved into investing outside the stock market. “We built this because we needed it as ‘do it yourself investors,’ said Hussein, who previously started crowdfunding site appsplit and works as a CTO at a San Diego-based fintech company. “I didn’t want to hire a financial advisor and spend 1% of my portfolio every year for them to tell me what to do. So I started to do it on my own on a spreadsheet and then started building this tool last year.” Image Credits: Money Minx co-founders Jessica and Hussein Yahfoufi / Money Minx
Money Minx also aims to provide people with easy-to-use tools to create dashboards and reports. In its “soft launch” phase, the startup has been growing rapidly — from $15 million in assets tracked at the end of March to $107 million by mid-May. Its user base is growing by 40% month over month. “We built Money Minx to help people cover all their bases, better understand their personal balance sheet and grow their net worth,” Hussein said. “No financial advisor needed.”
As many founders do, Hussein says he and Jessica developed the platform to meet a need of their own. Put simply, Money Minx aims to build a “Personal Finance OS” for every household. The platform is designed to help people track all of their investments — yes, including crypto and NFTs — in one place, in whatever currency. The company claims that its AI can also go a step further, and help people spot opportunities in their portfolio as well as catch potential risks.
Although Money Minx has been approached by interested VCs, Hussein says the company prefers to stay bootstrapped — for now. Indeed, VCs are pouring money into the space. Just last week, personal finance startup Truebill announced it had raised a $45 million Series D funding round led by Accel. Money Minx operates as a SaaS business and charges a monthly subscription fee across three different plans ranging from $10 to $30 a month. Looking ahead, Hussein is considering building out a white-glove service.
This shift has created a gap in the market for an easy way to track investments across multiple platforms, the Yahfoufis believe. “Everyday investors are preferring to invest more in crowdfunding sites and alternative assets than the traditional stock market,” he said.
The News Highlights
- Money Minx aims to build a ‘personal finance’ operating system for the everyday investor – TechCrunch
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