Plenty’s new wealth-building app targets couples blending finances

Hoje, às 12:30


4 min de leitura


0 leituras

Relationships are complicated — however, thanks to some fintech companies, mingling the finances of these modern couples can be easy. Plenty, a one-year-old company that helps couples discuss, manage and...
Plenty’s new wealth-building app targets couples blending finances

Relationships are complicated — however, thanks to some fintech companies, mingling the finances of these modern couples can be easy.

Plenty, a one-year-old company that helps couples discuss, manage and invest their money together, is the latest to launch its platform, focused on millennials who want access to wealth-building opportunities that take into account their relationship status.

Co-founders Emily Luk and Channing Allen met while working together at Even, which was acquired by One in 2022. They got engaged to each other in late 2021, and got the idea for Plenty as they looked for products to help them plan their finances together, Luk told TechCrunch.

Luk recalls finding options for growing wealth when you’re already wealthy, but when it came to people not in that category, she said options were limited for products that didn’t have high upfront fees or ones that provided potentially predatory advice.

After leaving One last year, they set out to build Plenty as an SEC-registered Investment Advisor with a goals-based approach to investing. There is also automated forecasting so that couples can plan for milestones they want to achieve together, like paying off student debt, buying a house or having a child.

Here’s how it works: The wealth-building platform enables users to join as individuals or couples. Users connect their financial accounts and then can choose which accounts to share with their partner. There is also a cash management product — a portfolio backed by money market funds currently offering 4.83% annual percentage yield. In addition, users get an AI-powered direct indexing strategy that Luk said has historically required a $500,000 investment minimum.

Plenty requires an initial $100 deposit and charges a $150 annual membership fee for individuals or $200 per couple, with both people getting their own Plenty account.

Plenty goal-based savings for couples

View of goals on Plenty. Image Credits: Plenty

The company is among a crowded space currently that includes companies like Honeydue, Zeta, Ivella and Ensemble, which is tailored to divorced people who co-parent.

Luk said many of Plenty’s competitors tailor their offerings to “a much younger, less mature relationship” and are more focused on budgeting and transaction-splitting.

“Where we play is a focus on a median household earning over $90,000 or even in the low $100,000s a year,” Luk said. “For most of these individuals, it is thinking about why we have these really big life milestones. Buying a house or building toward retirement requires more medium-term and long-term planning, and is much more analogous to what financial planners could support someone with instead of the budgeting solutions of other platforms.”

Zeta, Ivella and Ensemble started within the past three years, and Plenty joins them in attracting venture capital. The company today announced $2.75 million in pre-seed capital from an investor group that includes Phenomenal Ventures, Kevin Durant and Rich Kleiman’s 35V, former Wealthfront CEO Adam Nash, Xtripe Angels and Inovia Capital.

Much of the new capital will be used for hiring and product development.

Plenty is still early, but is generating revenue already. Luk and Allen have been using the product themselves since January and have a waitlist that is growing, though Luk declined to go into specifics on how long it is. With the announcement of the raise, Plenty is also announcing its “early access” period for users.

Next up, the goal is to roll out some new savings offerings, like treasury bills and to help 1 million households add $1 million dollars to their retirement.

“We still have a lot more to build before we get to that point,” Lux said. “It’s about bringing more people into the product and thinking about some of the other goals that people have right now, like getting a pet, egg freezing, in vitro and other things that are relevant for our generation.”

Continue lendo


Como por em prática suas habilidades com programação
Existem muitas maneiras de por em prática suas habilidades com programação, mas hoje trago aqui a plataforma codewars que oferece desafios de programação em diversas linguagens, tendo também acesso á uma...

Hoje, às 18:59


Criando apps para Celulares que rodam Java ME em 2023 · Hawk2811
Criando apps para Celulares que rodam Java ME em 2023 criei este artigo contar minha experiencia de como foi criar apps para um Nokia C3-00 antigo que eu tenho aqui em casa eu achei bem i...

Hoje, às 18:55

AI | Techcrunch

Virgin Orbit’s launch business sold for parts to Vast, Stratolaunch, and Rocket Lab
Virgin Orbit, once valued at $3.7B, has been chopped up for parts. The company has concluded the auction for some of its assets, which were put up for sale as part of its Chapter 11 bankruptcy proceedings....

Hoje, às 18:50


What Is a Content Management System (CMS)?
CMS stands for Content Management System. It refers to a software application or a set of tools that allows users to create, manage, modify, and publish digital content on the internet. A CMS provides a...

Hoje, às 18:34

Tech Crunch

Episode Six raises $48M to streamline payment processes
Austin, Texas-based Episode Six, a payments and banking infrastructure provider, today announced that it raised $48 million in a Series C funding round led by Avenir with participation from Anthos Capital. In...

Hoje, às 18:25


Dell lança desktop gamer Alienware Aurora R15 no Brasil por R$ 9.999
Índice Alienware Aurora R15Especificações técnicas – Alienware Aurora R15Alienware M16Especificações técnicas – Dell Alienware M16 A Dell convidou jornalistas e influencers de tecnologia para comparecerem à...

Hoje, às 17:42

AI | Techcrunch

The other DWI: Driving while immersed
VR headsets have no place in moving automobiles Jeremy Bailenson is founding director of Stanford University’s Virtual Human Interaction Lab and author of “Experience on Demand: What...

Hoje, às 17:30

IT Forum

Neoleads anuncia Andrea Orsolon como líder para A. Latina - IT Forum
Andrea Orsolon foi anunciada nessa terça-feira (23) como nova líder para a América Latina da Neoleads, empresa especializada em geração de leads e marketing móvel no Brasil. A executiva tem como missão...

Hoje, às 17:23


Why Your Cloud Assets Need A Time Machine
Tracking the configuration of cloud resources is essential in the DevOps world. But what happens when you need to look back at past configurations? This is where resource history tracking comes in. By...

Hoje, às 17:21

Tech Crunch

Introducing the Disrupt Audience Choice breakout winners
We asked you, dear readers, to vote for the breakout sessions you want to see in September at TechCrunch Disrupt 2023, and your response was amazing! The 15 contenders did nothing to make your job easy, but...

Hoje, às 17:00