Lightyear, a commission-free investment platform founded by two early Wise employees, has raised $25 million as it launches into 19 European countries.
The Series A equity round was led by Lightspeed Venture Partners alongside Richard Branson's Virgin Group. The company’s seed investors, Mosaic Ventures, Taavet+Sten and Metaplanet also took part in the round alongside a number of new and existing angel investors. The company has raised a total of $35 million to date.
Founded by Wise alumni Martin Sokk and Mihkel Aamer, Lightyear combines multi-currency accounts with unlimited access to global markets so customers can invest freely without hidden fees.
The company recieved a European licence from the Estonian Financial Supervision Authority in Q1, giving it the right to provide services in all EU and EEA countries, following its UK launch in October last year.
Countries part of this first European rollout include Ireland, the Baltics and most of Western Europe such as Spain, Germany, Italy, Portugal, Netherlands and France.
Since launching to the UK market last year, Lightyear has tripled its stock universe, launched a social investment feature - Lightyear Profiles - and added a suite of new products to bolster its data and education offering.
Lightyear co-founder and CEO Sokk, says: “Nine months ago, we launched our app in the UK to initial waitlisters. Fast forward to now, and we’ve secured a European licence that enables us to launch across the continent and raised one of the largest Series A rounds in 2022."
He says the company also has its sights set on non-Euro countries next including the likes of Sweden, Norway, Romania, Poland and Hungary.