To provide access to advanced investment technologies until now only available to large private funds. This is the goal of the British fintech Neverless, which has chosen Barcelona to grow in the Spanish market with its investment app. The company is growing at a rate of 900%, and wants to propel this growth from Barcelona.
The fintech, which has the support of venture capital firms such as Lakestar, Nordstar, and Connect Ventures, has landed in the city after closing a pre-seed round of 6.7 million dollars (6.02 million euros), which represents a record figure at a European level. The company projects to close this year with a transaction volume exceeding 200 million euros.
The company, registered with the Bank of Spain as a provider of virtual asset services, is simultaneously driving its expansion into other European countries, starting with the markets of Ireland and France. Additionally, it plans to launch operations in Latin America in early 2025.
Founded by former executives of the neobank Revolut, the company has started operating in the Catalan capital with three employees, with the forecast of expanding the workforce and under the leadership of its country manager, Rita Riera, who also serves as Neverless's global Marketing director from London for about a year and a half.
The app allows users to invest automatically and regardless of their initial capital, through an algorithm and infrastructure developed by the team over two years, with the aim of democratizing access to certain investment accounts "with higher returns and lower risks," as Riera details. In addition to its automated investment account, the app offers the possibility to buy and sell more than 400 cryptocurrencies.
The company is founded by former Revolut executivesThe choice of Barcelona to strengthen its position in the Spanish market is not casual: in addition to Riera's Catalan origin, the company has chosen the city forits technological ecosystem."In Barcelona, one fintech is launched per month, which makes the city a very attractive ecosystem for sector startups", in which a new actor is added:the Barcelona Finance Hub. Located in the Barcelona Stock Exchange building, it aims to boost the sector as an innovation hub.
The company, which until now has operated in Barcelona in coworking centers and plans to establish itself in a permanent physical office, expects to expand its workforce in Barcelona as it grows in Spain. The goal, according to Riera, is for its users to represent one third of the 200 million volume in transactions that the fintech wants to reach this year.
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