Alinea Invest, the fintech app revolutionizing AI-powered wealth management for Gen Z women, has successfully secured $3.4 million in seed funding, paving the way for the upcoming launch of its groundbreaking virtual AI assistant. The app has already seen tremendous success with 225,000 downloads, resulting in a revenue run rate of $1.8 million, enabling the New York-based startup’s six-person team to operate profitably.
Co-founders Anam Lakhani and Eve Halimi, alongside CTO Daniel Nissenbaum, initiated the creation of Alinea during the challenging times of the COVID-19 pandemic. Both Lakhani and Halimi, now co-CEOs, identified a common pain point—lack of knowledge in effective investing—leading to the birth of the app. Their backgrounds in internships on Wall Street and shared experiences as children of immigrants fueled their passion for building an alternate platform that is personalized, educational, and simplifies the wealth-building process.
The investing app, often dubbed as “Wealthfront meets Robinhood,” is designed with a Gen Z audience in mind, emphasizing an approachable design to demystify the complexities of investing. Alinea attracts users transitioning from college to the workforce or receiving their first paychecks, offering automation of portfolios to simplify the investment journey. Unlike other female-focused fintech platforms like Ellevest, Alinea operates on a subscription-based model, costing a flat $120 per year, offering an alternative to platforms like Robinhood.
A unique feature of Alinea is its “playlists,” allowing users to create their own direct indexes, akin to curating music on Spotify. Users have crafted personalized ETFs around various themes, such as climate change, female leadership, AI, fashion, and abortion rights. The app’s success in acquiring users is attributed to content marketing efforts, particularly on TikTok, where founders share insights about investing and their startup journey, accumulating over 100 million views across their hashtags on the platform.
With the recent $3.4 million seed funding, Alinea plans to delve deeper into the AI market by introducing an AI financial adviser. While the app already combines AI and expert advisers for stock recommendations, the upcoming feature will provide an interactive way for users to seek personalized investment advice. Set to launch in Q2 or Q3 of this year, the AI copilot will be part of a new subscription tier, offering answers tailored to users’ age, risk tolerance, past track record, and more.
Amidst fierce competition throughout the fintech space, Alinea aims to capture a specific demographic—Gen Z investors, primarily women, constituting 80% of the app’s current user base. The average Alinea investor is around 22 to 24 years old, and earns about $80,000 per year. The startup’s recent funding round was led by F7 Ventures and GFR, including participation from Worklife Ventures (Bri Kimmel), FoundersX Fund, Gaingels, and Dropbox co-founder Arash Ferdowsi.
Alinea plans to allocate the new funds for further product development, including the AI copilot, personalization features, and educational initiatives, reinforcing its commitment to making AI-powered investing more accessible and tailored to individual interests and values.