Record-breaking British investment platform Belong has closed its first crowdfunding campaign with Crowdcube, hitting its £300,000 target in under five hours and securing a total raise of over £489,000.
The firm says recognised names in the finance and tech sectors who have joined the fundraise include OpenAI, DeepMind and Monzo who join alongside 332 new investors as a direct result of the campaign went live on 10th February.
The scaleup emerged from stealth last March, announcing it had previously secured £2.95m – the largest pre-seed round in Europe for an all-female founding team.
Designed for millennials and young adults, Belong is aiming to make investing more inspiring and rewarding, with a keen focus on product innovation and financial enlightenment.
Funds from this round will be used to drive high-demand product enhancements, to scale customer acquisition, and to forge strategic distribution partnerships in the UK.
With a minimum investment of £500, the London FinTech’s platform offers GIA and Stocks and Shares ISA accounts, as well as its Boost loan, which allows customers to invest more money upfront and is described as a ‘mortgage for investments’.
It offers users who have at least £1,000 invested on the platform the option to double that amount with a low, fixed interest loan.
Since launch, over 80% of customers have opted for a Boost loan, providing a strong proof of concept for the financial product’s viability.
“Millennials and Gen Zs are being left behind in wealth-building, not because they lack ambition, but because they’re faced with convoluted systems, overwhelming choices, and a lack of true innovation,” said CEO Avion Gray (pictured, right), who founded Belong with Samantha Rosenberg.
“At Belong, we’re changing that. By working hand-in-hand with our community, we’ve created a next-generation investing experience – one that is intuitive, engaging, and designed to help people invest more effectively.
“With an estimated £254bn of cash currently held by 25-44-year-olds in the UK, there’s a clear requirement for modern solutions. This raise is a testament to the appetite for change, and we’re thrilled to have so many investors joining us on this journey.”