Former Bank of America legal advisor develops investment platform catering to women
In a world where women drive 80% of consumer spending, it's surprising that they have been underrepresented in the investment space. However, a new app named WealthMeUp is aiming to change this narrative.
Founded by Feli Oikonomopoulou, the CEO and visionary behind WealthMeUp, the app is designed specifically for women's investing needs. Oikonomopoulou, who left Greece during the financial crisis, developed the app while pursuing her MBA at Yale.
WealthMeUp partners with Mastercard for payments and credit framework, and with female-led companies for cash back rewards. The rewards are not accumulated as spare change but are redirected to the user's investment account.
The app offers users the opportunity to redeem 3,000 points for two one-hour sessions at Orangetheory and some merchandise. It also partners with financial coaching service FemFinancial.
The financial education tool on WealthMeUp consists of 140 short courses, each taking approximately five minutes to complete, covering seven financial topics. The app is currently in the pilot stage, guiding users through investment options with the help of financial coaches and advisers.
Oikonomopoulou views the next phase of the fintech revolution as involving financial products that are more personalized and integrated into personal needs and habits. She seeks to make financial learning associated with a positive habit and a reward.
The beta version of WealthMeUp was launched on Tuesday. Most users of the app are from schools or the area where it is popular. WealthMeUp also considers Ellevest a partner in promoting female investing and putting more money into the hands of women.
The app focuses on financial education for Gen Z and millennial women. It aims to clear up misconceptions around investing and revolutionize how women engage with their investments. A recent study from the World Economic Forum suggests that if women invested more, it could initiate an additional $3 trillion in global investment capital.
WealthMeUp is also exploring a revenue-sharing model with banks or credit card companies that offer cash back on a user's spending. This innovative approach could potentially revolutionize the way women invest and manage their finances.
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