Lowenstein Sandler represented app-based brokerage Vest in its $6 million of Series Seed financing.
Vest was created to give Latin American savers exposure to American assets, differentiated based on product, pricing and content (in-app educational content). According to TechCrunch, Vest aims to provide direct access to U.S. equities investments to retail investors in all major economies in Latin America, as well as in the United States; the company also plans to expand its platform to include a passive investing product (robo funds) and crypto.
The seed round was led by Founders Fund and included participation from Nazca, Class 5 Global, FJLabs, Tamarack Global and angel investors such as Kavak founder Carlos García, Tiger Global’s Scott Shleifer, Loft founder Florian Hagenbuch, M1 Finance Founder Brian Barnes, Nico Barawid and Gerry Giacomán Colyer (founders of Casai and Clara) and the Moons founding team. It is valued at $22 million.
The company plans to use its new capital mostly toward hiring across its product, content, and operations teams, acquiring the necessary licenses to operate in its various markets and to engage strategic partners.
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