Spain’s biggest fintech is innovating wealth management to democratize investment.
Truly innovative players in the wealth management sector are few, but Spain’s biggest neobank MyInvestor is blazing new trails. With its focus on wealth management rather than on a transactional value proposition, this fintech raises the bar by offering more synergies with the incumbents while boosting investment attractiveness. This distinctive approach makes MyInvestor our September Innovation of the Month winner.
MyInvestor was launched at the end of 2017 by Andbank España, the leading bank in high wealth management in Spain. Identifying the gap in the Spanish market as fintechs mushroomed elsewhere, Andbank leveraged their expertise and resources to meet the growing demand for digital solutions and a wider range of investment products. With business volume now topping €1 billion, MyInvestor has become the biggest fintech in Spain and the 12th biggest in Europe.
Their mission: to help clients manage their wealth, placing the best investment products within their reach, independently of their acquisition power. Operating as a banking agent of Andbank, MyInvestor offers 100 percent digital solutions with all the guarantees and security of traditional banking.
In MyInvestor’s own words: “We disrupt the financial sector. We make finance easy, fun and transparent. We democratize investment. Clients love us.”
Low costs and no or low minimum investments are the keys to this neobank’s “democratization” of investment. For example, they market Vanguard and iShares index funds with no minimum investment, when the general classes of these products respectively start at €100,000 (Vanguard) and between €5,000 and €1M (iShares).
MyInvestor’s products also include transparent mortgages with highly competitive prices and no linked products, and clients can save as much as €20,000 by moving their bank loans.
As fintechs become an ever more dominant force in the banking of the future, we at Efma look forward to seeing MyInvestor continue to “disrupt” the financial sector!
MyInvestor will be automatically selected as a nominee for the Efma-Accenture Banking Innovation Awards 2021. Submit your innovations for this year edition on the Banking Innovation portal until 24 September midnight. Participation is free of charge and open to all banking institutions.