How they describe themselves: GoalMine is the simple, social way to save and invest. It expands mutual fund investing to a new community of people. GoalMine allows customers to open mutual fund accounts with just $25 and with no prior financial knowledge required. Customers set up their real-life goals, fund their goals with a mutual fund, and then use fundraising features to let others give to their goals either online or using a convenient gift card.
GoalMine is a product of Gratio Capital, a New York City-based asset management company whose mission is to create asset-building products for people worldwide.
What they think makes them better: GoalMine makes mutual fund investing available to a new community of people who have been excluded from traditional investing channels. GoalMine is the first mutual fund investing program that:
- Has a $25 minimum initial investment (not the $2,500 industry average)
- Makes it possible to give mutual funds on a convenient gift card
- Is focused on real-life goals, not financial jargon
- Is socially networked, with fundraising features that allow users to track and share progress online and solicit help from friends and family
- Has a stored value card that is as easy to buy as groceries