Read our blog post about why we invested in Forget Finance.
The digitization of personalized advice is lagging in the financial sector. Among neobanks, robo-advisors, and investment apps, the Berlin-based FinTech, Forget Finance, positions itself as the first finance app to motivate young people to save and invest using online coaching that mixes AI and real financial experts. Forget has collected 3.5 million euros from well-known venture capital funds for developing a holistic, all-in-one platform for personal finance. The round is spearheaded by the VCs btov Partners and UVC Partners.
“The two founders of Forget impressed us immediately with their vision of adapting financial advice and personal banking to the needs of a digitally savvy generation. Although stock investing with Trade Republic and Co. has reached mobile phones, many young people lack financial education and guidance. This is where Forget Finance, with the first personalized financial platform to fit the lifestyle of young people, comes in.” – Luca Martinelli, btov Partners
A fresh take on financial advice
For the first time, Millennials can plan their financial goals using just the Forget Finance app and invest without any prior knowledge, while automating their finances for the long term. Users have direct access to a new type of hybrid financial advice: the AI bot, Coin, is available to them 24/7, providing personalized insights into their financial plans via the app. Anyone who would like additional advice from human experts can use a WhatsApp chat to discuss their individual situation with Forget’s own financial coaches. Forget’s goal is to motivate those people who have little interest in financial topics and who are overwhelmed by the massive growth in financial content on the Internet to start saving and investing. In keeping with the trend towards maximum convenience, the Forget app simplifies the user’s entire financial life through smart automation and integration of their existing bank account.
“In our first phase of business, we showed how the financial advice of tomorrow will look. In the second, we are building the digital bank of the future which offers individual guidance, simplifies, and automates our users’ entire financial lives. We are very pleased to have btov Partners and UVC Partners on board as key investors on our mission.” – Konradin Breyer, Co-founder & CEO
The bank of tomorrow: a holistic financial platform
Following the development of the product last year in collaboration with 10,000 Millennials, Forget was able to engage several thousand people to start using the app as soon as it was launched in early 2022. With the fresh capital, the two founders Konradin Breyer and Jurek Herwig want to expand Forget Finance over the next five years into a holistic all-in-one platform for personal finance. This year, in addition to the already existing sustainable wealth management, other financial products such as insurance, crypto, and donations will be integrated into the app’s hybrid coaching layer. The team that currently comprises 10 people will triple over the next 12 months. Forget Finance works with more than 80 partners, including digital asset managers, banks, tax software, and insurance companies.
btov Partners is a European venture capital firm focusing on digital technologies since 2000. btov’s network of entrepreneurial private investors provides it with unique expertise and supports the firm’s passion for discovering non-obvious businesses and founders. The Digital Tech team focuses on startups primarily in AI, fintech, SaaS, logistics, digital health, and marketplaces. With offices in Berlin, Munich, St. Gallen and Luxembourg, the company manages assets of EUR 510 million. The most well-known investments include SumUp, DeepL, Raisin DS, Facebook, Foodspring, ORCAM, Volocopter and XING.