Bridge Money, Involio and Amplify
This week’s Practical Friday Funding includes three US-based fintech start-ups – Bridge Money, Involio and Amplify.
Chicago-based fintech firm Bridge money have raised 5.8 million dollars in seed financing led by TMV.
Founder Collective, Kapor Capital, Acumen America, Bread and Butter Ventures, Revolution’s Rise of the Rest Seed Fund, Plug and Play Ventures, Basecamp Fund (Alumni Ventures) and Ulu Ventures, among others, also participated in the funding round.
Bridge aims to use the money for development and expansion, including adding more features to the platform, entering into partnerships and hiring talent.
Founded in 2019, Bridge allows middle- and low-income American workers to generate additional income through its app, which provides money-making opportunities such as cashback, surveys, ad serving, referrals, sweepstakes, and more.
Bridge’s partners include financial services platforms Plaid, Unit and Visa.
New York-based investor platform Involio has secured 1.4 million dollars in a new round of funding, which it says is its largest.
Involio raises $1.4 million
The new funds will go towards building its social marketplace for investors where users can share their investment portfolios, investment strategies and learn from other investors’ content on the platform.
Involio says it will also allow verified users to monetize their content and sell their investment strategy as courses linked to their investment portfolio.
CEO Ryan Pace describes Involio as an “all-in-one platform where traders of varying experience levels can become content creators to monetize their investment knowledge. Aspiring traders can then use the platform as the ultimate source to jumpstart their investments.”
San Francisco-based digital life insurance platform Amplify have received one undisclosed investment in a round led by Munich Re Ventures.
Other investors who participated in the round were Crosslink Capital, Greycroft and Conversion Capital. The investment brings Amplify’s total capital up to $25.1 million.
Founded in 2019, Amplify claims to be the first digital platform to offer Americans the opportunity to invest in public markets with their life insurance premiums and access “tax-efficient returns throughout life via a product that has historically been available primarily to affluent and more mature demographics ».
Amplify uses artificial intelligence (AI) to provide users with a customized policy based on their financial goals, risk tolerance and insurance risk profile. Users can also choose how much of the premiums will be invested in tax-efficient, high-growth investments, and how much will go towards life insurance cover.
The startup plans to use the money to improve its services and accelerate its growth. The investment also comes with a partnership where Munich Re will help Amplify implement a fully automated underwriting process through alitheia, Munich Re Life US’s risk assessment and instant decision platform.
