Today QUIN, an investment advisory service, has raised €1 million in seed funding to provide a non-custodian platform empowering people to invest safely and rationally. The round was led by sino AG, other investors include Runa Capital, APX and a number of angel investors.
Founded this year, QUIN provides people willing to invest in the long-term with a simple, rational and secure investment advice platform. It presents a new model that benefits from European Open Banking Regulations, all users need to do is connect the platform to their existing bank account.
Representing the most numerous generation, over 40% of millennials aren’t investing at all. According to QUIN, 12% feel the lack of the right knowledge and 6% claim they do not have enough time to manage their investments. They also have shown a preference for managing their own wealth, 72% of millennials describe themselves as “self-directed”, willing to directly participate in the investment process.
“When I first wanted to invest myself, I realised how incredibly difficult it is to put together a portfolio and select the right products”, Christian Rokitta, co-founder and CEO of QUIN says. “Understanding how many people were facing the same problem, we’ve decided to simplify this process, launching the world’s first multi-banking investment platform.”
To start investing through QUIN users only need to link it to their account. The app asks several questions and within a few taps automatically builds an individual portfolio of ETFs. The user gets a personalized dashboard with the latest market information news and fully automated financial advice.
“Low barriers to entry, free and easy-to-use services in a rapidly growing market make QUIN extremely exciting for us. Young people in particular want to take their money in their own hands today, this has been demonstrated in recent years. QUIN is a great tool for this”, said Ingo Hillen, founder and CEO of sino AG.
Existing investor APX has been working with QUIN since March. Since then, QUIN gained top-class partners, and received validation from industry experts, paving the way for the successful app launch in June. “With our follow-on investment and other strong partners on board, we look forward to accelerating QUIN’s future growth. This financing round is also an important signal for the fintech industry and shows that strong innovators are emerging from Europe and Germany”, said Henric Hungerhoff, Managing Director of APX, the successor to Axel Springer Plug and Play, who was the first investor in N26.
To date, more than 3000 people have invested via QUIN and its user base grows over 10% every week. For now the platform is available in Germany, and the team is planning to expand to other countries in the nearest future. The future paid version will include more functionality, including the ability to connect to several banks simultaneously. In addition, QUIN strives to expand its product from ETFs to other products like classic stocks, improve the connection to the banks and make the whole flow for the user smoother, faster and more convenient.