Financial brokerage company Fundvest launches a new mobile application in Lithuania that provides access to the stock exchanges of the United States of America and the European Union.
Using the app, users can purchase stocks and ETFs, conduct automated investing, and communicate with other application members. According to the company’s founders, the uniqueness of Fundvest is transparency and lower fees – investors can make a transaction for a fixed 0.35 percent commission fee.
The company’s office, the largest in the Baltic countries, has been opened in Vilnius. It will serve customers, continue developing and improving software, cover compliance and anti-money laundering activities. The Bank of Lithuania approved Fundvest at the beginning of this year and granted the company a category B financial broker’s license.
“Lithuanian market is the first one we enter by introducing the fully functional Fundvest mobile app. We have set an ambitious goal to provide residents of the Baltic countries with an innovative and transparent pricing-based mobile application that would allow them to manage their finances more efficiently. While the retail investor has been somewhat spooked with the current bear market as seen in the overall demand for investment services, it actually makes more sense than ever to start investing. Asset prices have gone down and stocks are looking more appealing than a year ago. One thing is obvious, bear markets end and asset prices will recover“, says Fundvest founder and CEO Rasmus Klaassen.
Furthermore, the company’s founder believes, that regular, consistent investing creates more value than one-time speculation, so Fundvest is best suited for long-term investments.
The company started its operations in Estonia in 2020 as a closed-ended investment fund and managed assets using the investment tools of banks and other financial institutions available on the market. The company’s founders are three finance, technology, and business development experts: Rasmus Klaassen, Martin Untals, and Sander Siim Vaher.
According to the CEO R. Klaassen, after examining the pricing of various platforms, they noticed many shortcomings – high rates for inactivity, additional fees for platforms’ management, custody, deposit, and withdrawal of the funds.
“There wasn’t a tool on the market that met our customers’ needs. We noticed a massive demand for such a solution and set out to create a platform for the modern and innovative use of financial services. I am grateful to the entire international team of Fundvest, which fulfilled our vision in abundance – I believe that we have created a product that will be convenient for both – beginners and experienced investors”,
says R. Klaassen.
The company raised five hundred thousand euros from private investors to create a mobile investment application and develop operations in Lithuania. It is forecasted that during the first year of operation in Lithuania, the company will attract about 16,000 investors.
The mobile application operates in Android OS and iOS environments. The residents of Lithuania can download it to smartphones from the Google Play and App Store stores.
When purchasing assets, Fundvest applies a fixed commission fee of 0.35 percent on the value of the transaction and a 0.5 percent currency exchange fee when the transaction is made in non-euro currency.
Featured image credit: Edited from Unsplash