GriffinAn investment app that automatically simplifies investment by purchasing stocks in brands where users regularly purchases, announced on Wednesday that they have achieved $ 11 million series A funding round, increasing the total amount to about $ 22 million.
Along with the announcement, Griffin also revealed that he had crossed 500,000 registered users, showing that its approach to investment resonates with many users. Griffin also claims about 1 million total app and also claims 100,000 monthly active users. The company refused to share its evaluation.
Investment and user growth marks a significant milestone for growth griffin, reflecting investors in the company’s business model and the ability to disrupt traditional investment methods. Stock market can be scared for many Americans – allegedly only 62% of American adults He owns any share directly.
The new capital will be invested in the construction of product development with the company’s software engineering and UX design teams. Notable upcoming facilities include an AI chatbot on which Griffin is working, as well as family plans designed for parents that want their young adult children to invest.
Griffin, established by Aaron Fruge, Bo Star, and Robin Frag in 2017, is aimed at simplifying investment for people who find it intimidating. Initially, based on the concept of “Stocks where you shop,” the company developed for an adaptive investment model in 2024, automatically invested $ 1 from users’ transactions, which are in their purchase shares. For example, if a user shops in Walmart, $ 1 are invested in Walmart Stock. Users can also adjust their investment amount manually. The model has proved to be successful, as clarified by the internal data of the griffin, in which users have increased by 234% in Walmart after six months of purchasing their stock.
Another approach takes to simplify griffin investment, providing educational materials that provide users daily insight into financial literacy. The company plans to expand its educational offerings and develop an AI chatbot that can summarize the articles on the stage and provide quick answers to the user’s questions. Chatbot will also provide insight into individual accounts, such as answering questions, “When did I invest this?” Or “When did I get dividend?”
The rollout time is currently unknown, as Griffin wants to ensure that the chatbot gives an accurate answer before its launch.
“AI can be a wonderful feature, but it can never give even the right things,” Frog, who is the CEO of Griffin, told Techchchan. “So we are simply sure that we are dotting I’s and crossing T, before we launch something like this.”
Educational offerings are particularly important due to Griffin’s user base. Many of its users are women in their 40 to 60s, a group that traditionally has less confidence in their investment knowledge. Young female users between the ages of 18 and 24 are also users, which is why Griffin is considering adding budget equipment that gives users insight in their expenses.
One of the most requested features is family plans, which will enable users to share their griffin accounts with family members and invest young users. Many younger generations have been hesitant to invest in the stock market. Although the market has improved in recent months, it still includes risks.
“One of the cool things that we want to do with family plans is (permission) to help in funding accounts for parents or grandparents or grandparents, so there is not much financial stress, so” said much, “said Fraoge.
The round was led by the Nava Ventures with alloy labs, Draper Associates, Gingles, Nevakot Ventures and TTV Capital. Apart from funding, Partner in Neva Ventures, Freddy joined the board of Martigeti, Griffin.
