Belong: Revolutionizing Investment for Millennials and Gen Z
In the ever-evolving landscape of financial technology, Belong has emerged as a trailblazer, capturing attention with its innovative approach to investment. Recently, the British investment platform made headlines by successfully closing its first crowdfunding campaign on Crowdcube, raising over £489,000 in under five hours. This remarkable achievement not only highlights the growing interest in fintech but also underscores the demand for modern investment solutions tailored to younger generations.
A Stellar Start
Founded by Avion Gray and Samantha Rosenberg, Belong made waves last March when it announced securing £2.95 million in pre-seed funding—the largest round for an all-female founding team in Europe. This initial success set the stage for its recent crowdfunding campaign, which attracted 332 new investors, including notable figures from the finance and tech sectors. The campaign went live on February 10, and the swift achievement of its £300,000 target reflects a strong belief in Belong’s mission and potential.
Targeting the Next Generation
Belong is designed specifically for millennials and young adults, aiming to make investing not only accessible but also inspiring. The platform focuses on product innovation and financial enlightenment, addressing the unique challenges faced by younger investors. Many in this demographic feel overwhelmed by traditional investment options, often finding them convoluted and uninviting. Belong seeks to change that narrative by offering a user-friendly experience that demystifies investing.
Innovative Financial Products
One of the standout features of Belong is its diverse range of investment options. With a minimum investment of £500, users can open General Investment Accounts (GIA) and Stocks and Shares ISA accounts. Additionally, the platform offers a unique product called the Boost loan, which allows customers to invest more money upfront. This innovative financial tool is likened to a “mortgage for investments,” enabling users with at least £1,000 invested to double that amount through a low, fixed-interest loan.
Since its launch, over 80% of customers have opted for the Boost loan, demonstrating a strong proof of concept for this financial product. This high uptake indicates that Belong is not only meeting a need but also resonating with its target audience.
Addressing Wealth Disparities
CEO Avion Gray emphasizes the pressing issue of wealth-building among younger generations. “Millennials and Gen Zs are being left behind in wealth-building, not because they lack ambition, but because they’re faced with convoluted systems, overwhelming choices, and a lack of true innovation,” she states. This sentiment reflects a broader concern that many young people feel excluded from traditional wealth-building avenues.
Belong aims to bridge this gap by creating a next-generation investing experience that is intuitive and engaging. The platform is designed to empower users, helping them invest more effectively and confidently.
The Demand for Change
With an estimated £254 billion of cash currently held by 25-44-year-olds in the UK, there is a clear demand for modern investment solutions. Belong’s recent fundraising success is a testament to the appetite for change in the financial landscape. By aligning its offerings with the needs and preferences of younger investors, Belong is positioning itself as a key player in the fintech space.
As the company continues to grow, it plans to utilize the funds from its crowdfunding campaign to drive high-demand product enhancements, scale customer acquisition, and forge strategic distribution partnerships across the UK. This proactive approach not only aims to enhance user experience but also solidifies Belong’s commitment to fostering a community of informed and empowered investors.
In a world where financial literacy is more crucial than ever, Belong stands out as a beacon of innovation, striving to make investing a rewarding experience for the next generation.