16.12.2022 - Economy

Fundvest launches in Latvia

Fundvest, a mobile app offering access to transactions on the US and EU stock exchanges, launches in Latvia. The company has raised 500,000 euros from private investors to create and develop the mobile app in Latvia. In its first year of operation, the company plans to attract around 16,000 investors in the Baltics, including 5,000 in Latvia.

The company has offices in all Baltic countries. The office in Riga will serve clients, further develop and improve services and ensure compliance with all compliance and transparency regulations. The Bank of Latvia approved Fundvest’s operation earlier this year by granting it a Category B brokerage firm licence. The app allows users to buy shares and exchange-traded funds (ETFs), automate their investments, and communicate with other app users.

Access to US and European stock markets

Mārtiņš Untāls, technical director at Fundvest, says that the app allows users to buy shares in the world’s best-known companies as well as European funds. Fundvest’s advantage is that it offers globally popular financial products that have proven themselves over time, without risky innovations and incomprehensible costs hidden in the small print. Everything is transparent, simple, and available in English, he says.

“The Latvian market is ripe for more competition in the investment field and now is also a very good time to invest – the market has fallen and share prices are low. You can never predict the future, but we are optimistic. I think growth will return to Latvia and the world, and by investing now we can all enjoy the fruits of that growth,” says Untāls.

He adds that the company’s mission is to provide access to the US and European stock markets, which would also allow everyone in Latvia to make long-term investments in shares and funds, while keeping the price of the service at an affordable level.

Started in Estonia

The company started in Estonia in 2020 as a closed-end investment fund, managing assets with investment tools available on the market from banks and other financial institutions. The founders of the company are three experts in finance, technology, and business development, Rasmus Klaassen, Mārtiņš Untāls, and Sander Siim Vaher.

The company’s CEO, Rasmus Klaassen, explains that after researching the pricing of different platforms, many shortcomings were identified: high inactivity rates, as well as additional fees for platform management, account maintenance, deposits, and withdrawals.

“There was no tool on the market that met the needs of our clients. We saw a high demand for such a solution and started building a platform for modern and innovative use of financial services. We have created a product that is convenient for both beginners and experienced investors,” he says.

The Baltic countries are the first to enjoy the full functionality of the Fundvest mobile app. “We have set ourselves the ambitious goal of providing the people of the Baltic States with an innovative and transparent app that allows them to manage their finances more efficiently,” says Klaasen, founder and CEO of Fundvest.

The mobile app is available for Android and iOS smartphones. In Latvia, it can be accessed on Google Play and the App Store.

Source: Press release (labsoflatvia.com). Publicity photo - Mārtiņš Untāls and Rasmus Klaassen

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