Lightyear (investment platform)

Lightyear
Company typePrivate
Industry
Founded2020; 4 years ago (2020)
Founder
  • Martin Sokk
  • Mihkel Aamer
HeadquartersLondon, United Kingdom
Area served
Products
Websitelightyear.com

Lightyear is a UK-based financial technology company providing investment services across 22 European countries.[1] Lightyear offers investments in international stock exchanges, exchange-traded funds, commodities, BlackRock money market funds, and interest on uninvested capital for both individuals and businesses.[2][3][4] The Lightyear platform is available as a mobile app and web application.[5]

Lightyear is regulated by the UK's Financial Conduct Authority and Estonia's Finantsinspektsioon.[6][7]

History

Founded in 2020 by Martin Sokk and Mihkel Aamer, both former employees of Wise, Lightyear was inspired by the founders’ personal experiences with investing. In their home country of Estonia, investing in the stock market was challenging and costly, and they recognised that investors across Europe faced similar issues.[8]

Skype co-founder Jaan Tallinn and Wise co-founder Taavet Hinrikus (who was Skype's first employee)[9] led Lightyear’s initial funding round of $1.5 million in June 2021.[10][11] In September 2021, Lightyear launched its retail investment platform in the UK and secured an additional $8.5 million in a second funding round led by Mosaic Ventures.[12]

In May 2022, Lightyear hired Wander Rutgers, former President of Robinhood,[13] as Chief Operating Officer to support the compliance and financial infrastructure side of the business.[14] In July 2022, Lightyear expanded its services to all eurozone countries and announced a $25 million funding round led by Lightspeed Venture Partners, with participation from Virgin Group founder Sir Richard Branson and other angel investors.[15][16]

In 2024, Lightyear entered the B2B market with the launch of business accounts.[4]

References

  1. ^ AltFi (2024-01-04). "Neobroker Lightyear reports 700% AUA growth in 2023". AltFi. Archived from the original on 2024-02-29. Retrieved 2024-02-06.
  2. ^ O'Brien, Ciara (2023-09-25). "Branson-backed Lightyear increases interest rate on cash balances for Irish users". The Irish Times. Retrieved 2024-11-12.
  3. ^ Rana, Jayna (2023-08-23). "BlackRock partners with Richard Branson-backed platform to launch money market funds". Investment Week. Retrieved 2024-11-12.
  4. ^ a b Monaghan, Gabrielle (2024-09-29). "Investment app backed by Richard Branson targets Irish businesses by offering 2.75pc rate". Irish Independent. Retrieved 2024-11-12.
  5. ^ Towner, Lauren (2023-04-25). "Lightyear Launches Web Platform For Investors Across Europe". FF News | Fintech Finance. Retrieved 2024-11-12.
  6. ^ "Lightyear U.K. Ltd". register.fca.org.uk. Retrieved 2024-11-12.
  7. ^ Mulcahy, Nick (2022-07-14). "Neobroker Lightyear rolls out service in Ireland". Business Plus. Retrieved 2024-11-12.
  8. ^ Matthew, Neville (2022-04-21). "Fintech startup adds "highly requested" features to investment suite ahead of European expansion". Bdaily Business News. Retrieved 2024-11-12.
  9. ^ Shead, Sam (2019-08-21). "The Skype Mafia: Who Are They And Where Are They Now?". Forbes. Retrieved 2024-11-12.
  10. ^ Isabel, Woodford (2021-06-03). "Taavet Hinrikus backs new investing platform, pitched as the 'TransferWise of trading'". Sifted. Retrieved 2024-11-12.
  11. ^ Dillet, Romain (2021-06-03). "Lightyear is a new stock trading app from early Wise employees". TechCrunch. Retrieved 2024-11-12.
  12. ^ Lanyon, Daniel (2021-09-15). "Fintech veterans launch new trading app Lightyear with $8.5m from Monzo backer & Wise founder". AltFi. Archived from the original on 2021-09-17. Retrieved 2024-11-12.
  13. ^ "Robinhood readies investment product for early 2020 launch in UK". Finextra Research. 2019-11-20. Retrieved 2024-11-12.
  14. ^ Lanyon, Daniel (2022-05-18). "Exclusive: Lightyear hires ex-Robinhood boss as COO - AltFi". web.archive.org. Archived from the original on 2022-06-28. Retrieved 2024-11-12.
  15. ^ Browne, Ryan (2022-07-14). "Richard Branson takes a stake in Lightyear, a start-up hoping to become Europe's answer to Robinhood". CNBC. Retrieved 2024-11-12.
  16. ^ Sawers, Paul (2022-07-14). "Richard Branson backs Lightyear as it launches into Europe". TechCrunch. Retrieved 2024-11-12.