Wealthtech company Atomic announced its company launch along with a $25 million in a Series A funding round today. The round, which was co-led by QED Investors and Anthemis with participation from Softbank and Y Combinator, will help fuel the company’s investing API that allows fintechs and banks to integrate investing into their existing products.
With Atomic’s API, companies can launch investing experiences such as direct indexing, ESG investing, and multi-currency trading across 60 global markets with no account minimums. The “investing-as-a-service” nature of the new offering means that companies can launch investing tools in a matter of weeks without relying on in-house experiences. In fact, Atomic takes care of not only the investing experience, but also the details around regulations, brokerage operations, and compliance.
“What we see is that fintechs and other consumer-facing companies want to offer savings and investment, but most have come to market with very limited product offerings — only single stock trading or only ETF investing,” said QED Investors Partner Amias Gerety. “Atomic provides cutting edge solutions so that their partners can offer both of these products easily, but also offer advanced features like ESG, direct indexing, and tax loss harvesting that are usually only available for accounts with hundreds of thousands of dollars in them.”
Atomic helps companies retain customers by broadening their existing offerings to include investing– a financial tool that generally creates long-term customer loyalty. “Any fintech or bank that wants to become their end-customers’ primary financial relationship will need to offer investing on their platform to remain competitive,” said Atomic CEO David Dindi. “As an accelerant in the rapidly evolving ecosystem of unbundled financial services, Atomic enables these businesses to offer investing in a frictionless way as a means to deepen their relationships with customers.”
Among Atomic’s client base are fintechs such as Upside, a student loan innovator. Upside is leveraging Atomic’s API to build a wealth management offering that allows its users to refinance their student loans and reinvest the savings.
Dindi, along with the company’s CTO Marco Alban are both Stanford graduates and serial entrepreneurs.
Photo by Taylor Peake on Unsplash