Richie

New York, NY

Angel / Pre-seed stage MVP Software & Services » Asset & Financial Management & Trading
About
Richie is an app to invest with friends towards common #goals without sharing money.

Video

Industry
Landscape

We are targeting millennials. There are 72 million millennials in the United States. 80% of them do not invest. Millennials will have $24 trln investable assets by 2020.

The
Problem

80% of millennials do not invest. We tried to find something that would change the Status Quo. Millennials blame lack of knowledge and capital, however, we believe those are basic excuses, while the problem laid deeper. That is why FinTech startups still can't get millennials to invest. We feel the problem is fear of the first step, and companionship is the way to help people overcome the fear.

The
Solution

We are bringing investing to the sharing economy. Richie is a web and mobile application that allows users to invest with friends: - @user creates a #GroupGoal and invites his friends - they invest together towards the #GroupGoal without sharing money - each #GroupGoal member gets his own advice to reach the goal - investments are done automatically in portfolios based on risk level - #GroupGoals can be very specific with a specific target amount and a target date such as #ColoradoTrip2018 or very broad interest leaning like #ModernTechnology. Richie is still a robo-advisor and its investment advice directly targets millennials, the algorithm calculates investable assets based on 'millennial' type of expenses such as rent, transit and even ‘self-development’. The algorithm is fairly simple right now - 20% of investable income to Richie, 80% 'invest in yourself', however, we are improving the mathematical model of that algorithm as we progress (SD, optimal allocation btw expenses/investments etc).