Paris based robo advisor startup Yomoni has gained $5.4m in venture funding . So far, the company has 2,000 clients, representing $12.9 million under management (€12 million, or €6,000 per client on average), which is fairly small looking at what the economics required to be break even. Time will tell!
French startup Yomoni is a promising fintech startup operating robo-advisors. It means that you can give the company some of your savings, and the startup automatically manages a portfolio for you, buying and selling stocks, bonds and more. Yomoni just raised $5.4 million from existing investors Crédit Mutuel Arkéa and Iéna Venture (€5 million). The management team is also buying back some of the shares and keeping a good chunk of the company. If you’re not familiar with robo-advisors, think about Yomoni as a sort of Wealthfront or Betterment for the French market. While those American companies are getting quite big, robo-advisors are somewhat new in France.