Irish startup akt.io closes ICO of €27 million to democratise access to wealth management

Akt.io, a financial mobility wealthtech startup based in Dublin, Ireland and the platform proposed by Automata Group Ltd, has closed its Initial Coin Offering (ICO) of €27 million. Akt.io is on a mission to build a more secure, transparent, and honest global financial ecosystem, and this new funding will fuel this ambition.

Founded in 2017, akt.io’s platform simplifies the process of investment, providing advice and guidance. The aim is to open up investment and wealth management – regardless of whether it be in crypto or traditional assets, making this a space for all. 

Gael Itier, CEO and co-founder of akt.io explained: “What we are going to propose is an alternative to the aging banking system, specifically personal finance and savings, which is the last sector to resist technological innovation, as traditional financial institutions are afraid to give power back to the consumer. They don’t want to lose out on the huge profits they have been comfortable with for so long. Akt.io is developing high technology that will revolutionise the way everyone manages their money, not just crypto whizz kids. Our aim is for anybody, no matter how little financial or tech knowledge they have, to manage their own money and make it work for them.”

The company will assign some of the investment to its research and development activity which is focused on the creation of technology including Artificial Intelligence, that automates investment and trading so that anybody, even users with no previous background in or little knowledge of this area can participate. The platform will also provide educational content and add-ons, aiming to attract one million users by the end of 2022.  

Akt.io’s new product, which will be launched in most EEA markets from this spring, is designed to give consumers full control of their money, both in terms of management and availability, so that they can spend, save and invest with more autonomy than traditional banking and investing from as little as a euro. 

Akt.io is an account where money can be automatically invested and start generating returns while at the same time staying accessible for payments. As the technology is backed by the blockchain it means that the assets are secure and incorruptible. 

With offices already in Ireland, London, Berlin, Dubai and Paris, the young wealthtech startup opened up a presence in the South of France’s tech hub Sophia Antipolis in 2020 and has hired over 100 people in the last 8 months. This fresh funding boost will support the recruitment of over 200 people and boost its research and development activity.