Asset management platform “Monarch” raised US$4.8 million in seed rounds to provide users with customized and forward-looking financial solutions

Retail investors upgrade their financial management concepts and seek more professional and customized investment advice.

According to foreign media TechCrunch , the US asset management platform ” Monarch ” recently announced that it has completed a $4.8 million seed round of financing, led by Accel, followed by SignalFire. It is reported that the start-up company headquartered in Mountain View, California, since its establishment in 2019, will have a total financing amount of 5.5 million U.S. dollars.

Monarch is a paid subscription-based platform designed to help users “plan and manage” their financial affairs. In addition to basic accounting functions, Monarch can also customize forward-looking plans to help users achieve financial goals.

Asset management platform "Monarch" raised US.8 million in seed rounds to provide users with customized and forward-looking financial solutions

The picture comes from the company’s official website

Co-founder and CEO Val Agostino was a member of the startup team and chief product manager of Mint.com. He said that his work experience at Mint.com made him realize that the asset management solutions needed by Americans who have a deeper understanding of financial affairs “are not just simple revenue and expenditure tracking and budgeting.”

“What users need is professional APP to provide customized financial management advice to help users understand the principles of various financial tools, weigh and plan appropriate asset allocation plans, so as to achieve users’ financial goals.” Agostino added.

Monarch’s goal is to satisfy users’ higher-level financial needs through APP. According to Agostino, the software first helps users “outline” financial goals through various guidelines and questions, and then formulates a detailed and forward-looking financial plan for this goal. In the next step, Monarch will track the user’s income and expenditure records to provide real-time feedback on the progress of the plan, and automatically adjust the plan as the user’s financial status changes.

Asset management platform "Monarch" raised US.8 million in seed rounds to provide users with customized and forward-looking financial solutions

The picture comes from the company’s official website

Monarch launched a personal beta version of the application in early 2021, which can run on the Web, iOS and Android systems, and the subscription price is $9.99 per month or $89.99 per year. In order to “be consistent with the user’s economic interests,” the founder stated that Monarch will not obtain income that “harms the interests of users” by selling advertising spaces or selling user asset information.

According to the founder, since the public release of Monarch APP, the number of paying users has maintained a weekly growth rate of about 9%. In fact, Monarch’s rapid growth in the past year is partly due to the company’s strategy of “intentionally choosing to release products during the COVID-19 epidemic”, because in the event of economic constraints, consumers’ assets have also suffered more severely. Uncertainty, so the demand for professional asset allocation solutions also arises at the historic moment.

Asset management platform "Monarch" raised US.8 million in seed rounds to provide users with customized and forward-looking financial solutions

The picture comes from the company’s official website

“Therefore, we have noticed that many users use Monarch’s prediction function to compare the possible results of different’what-if’ scenarios, such as whether to change jobs or move to another city or state.” Agostino added.

Accel’s Daniel Levine said, “In the past ten years, the types and scale of financial products have expanded dramatically, and more and more retail investors have begun to hire brokers and hold cryptocurrency accounts. Monarch can manage from many assets. The software stands out because of its subscription fee model and the powerful infrastructure provided to customers.”

Another company in this field, BodesWell , reached a partnership with American Express earlier this year to provide its cardholders with a financial planning tool. Agostino said, “The similarity between Monarch and BodesWell is that the two startups are committed to helping customers with financial planning. But the difference is that Monarch also has a complete set of PFM tools that can implement budgeting, reporting, and investment analysis. Complex functions. For consumers, Monarch is closely related to the user’s personal financial situation through customized solutions, so it can achieve close tracking and real-time updates of financial plans.” 

Data shows that in 2021, the overall scale of China’s asset management market will reach more than 100 trillion yuan, and it has become the second largest asset management market after the United States. According to authoritative institutions, the scale of China’s asset management will reach 2 million by 2025. 100 million yuan.

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