It’s now easier than ever to set up an investment app. You just need a developer to design one that sits on top of an investment provider like WealthKernel, Seccl or DriveWealth. Then you need to get regulated, which is hard and expensive, or you can piggyback off someone elses’ regulatory status under the umbrella of a firm like Risksave or Richdale. That’s the easy part. What is difficult is succeeding. Offering investing for free is a tough business because getting customers in a saturated market is becoming more and more expensive, and you have to pay for that somehow. So, the investment apps that survive and thrive will be the ones with not just the best product, but the ones that make it easy, and have a great story to tell. Plus, have massive pockets that can keep them going until they can become profitable. One new investing app, that may have all these ingredients is Lightyear, which incidentally has not taken the above shortcut, but built its technology and infrastructure from the ground up. Lightyear was founded in 2020 by Martin Sokk, one of the first Transferwise employees and in our latest CEO interview, we discuss his plans for the business and how people can use it to become better investors.
In our video interview, we discuss:
- What is the Lightyear investment app?
- How does Lightyear help investors?
- What is wrong with the way people invest now?
- How easy is it to open an account?
- Was it difficult to get the business started?
- Where do you see Lightyear in the future?
- How does Lightyear make money?
- What sort of clients does Lightyear have?
- Do the gamification of investing help educate people?
- Will you introduce higher-risk investment derivative products like options or CFDs?
- What have been the best and worst parts of running Lightyear so far?
- How can people become better investors?
- What book should people read to become better investors?