Embarking on a mission to democratize wealth-building, Belong emerges from stealth mode today, propelled by an impressive £2.95 million Pre-Seed funding round—the largest ever raised by female founders in Europe. Founded by former investment banker Avion Gray and behavioral economist Samantha Rosenberg, Belong sets out to reshape the investment landscape, making traditionally exclusive wealth-building opportunities accessible to a broader demographic, with a focus on professionally-employed millennials.
Pioneering a novel approach, Belong introduces the first-of-its-kind 'Boost loan' feature, offering customers the option to supercharge their long-term investment in equities. This innovative tool allows users to amplify their investment potential by leveraging low-interest loans, fostering the power of compounding over time. By repaying the Boost loan through manageable monthly installments, investors can witness their portfolios flourish while maintaining financial flexibility.
The allure of Belong's platform lies in its inclusivity, with a minimum investment threshold of £1,000, rendering leverage—an erstwhile privilege of affluent investors—accessible to millennials. Impressively, beta testing reveals that 84% of users opt for the Boost loan, showcasing overwhelming adoption and steadfast repayment rates over a 15-month period.
Belong's endeavor is particularly poignant against the backdrop of financial disparities faced by millennials. Despite constituting a significant portion of the population, this demographic owns a mere fraction of the stock market, perpetuating a cycle of financial insecurity. Armed with a collective £300 billion in cash savings, yet largely confined to low-yield accounts, millennials stand poised for a transformative shift in wealth-building opportunities.
Avion Gray, Belong's co-founder and CEO, emphasizes the pivotal role of time and investment in shaping long-term prosperity. Recognizing the unique advantage of millennials' time horizon, Gray underscores the imperative of overcoming barriers to entry in the investment landscape, fostering a culture of financial empowerment and foresight.
Echoing Gray's sentiments, Samantha Rosenberg, Belong's co-founder and COO, elucidates on the untapped potential of idle cash reserves. By harnessing behavioral economics principles, Belong seeks to challenge prevailing attitudes towards investment, catalyzing a paradigm shift towards future-oriented financial decisions.
The genesis of Belong is deeply rooted in the mentorship and vision of esteemed industry figures, including the late Nick Hungerford, founder of Nutmeg. In alignment with Hungerford's ethos of democratizing wealth-building, Belong forges ahead, supported by a consortium of investors committed to fostering financial inclusivity and empowerment.
As Belong embarks on its journey to redefine wealth-building for millennials, its innovative platform stands poised to catalyze a seismic shift in investment culture. Empowered by forward-thinking strategies and a commitment to inclusivity, Belong heralds a new era of financial opportunity and resilience. With a diverse array of index-tracking funds at users' fingertips, Belong invites millennials to embark on a journey of long-term wealth accumulation and empowerment, paving the way for a brighter financial future for generations to come.
