Paris based robo advisor startup Yomoni has gained $5.4m in venture funding from previous investors Credit Mutuel Arkea and Iena Ventures. So far, the company has 2,000 clients, representing $12.9 million under management (€12 million, or €6,000 per client on average).
The management team is also buying back some of the shares and keeping a good chunk of the company. If you’re not familiar with robo-advisors, think about Yomoni as a sort of Wealthfront or Betterment for the French market. While those American companies are getting quite big, robo-advisors are somewhat new in France. In addition to hiring more people, today’s funding round will lead to new features. For instance, the company says that there will be a new product specifically targeted toward parents who want to save money for their children. Yomoni also hints at a potential mobile app.