With $5 million in new funding, after a year in private early access, Plenty's platform takes on incumbents, offering full solution from cash flow management through investing
SAN FRANCISCO, May 9, 2024 /PRNewswire-PRWeb/ -- Today, Plenty, a wealth-building platform that helps couples invest and plan for their future together, makes its public debut after a successful year-long invite-only program. With 60% of millennials now partnered, Plenty's multiplayer money management allows a flexible "Yours/Mine/Ours" approach to wealth-building, from cash flow management to goals planning and long-term, values-based investing. Plenty was founded by fintech veterans and newlyweds Emily Luk and Channing Allen to fill the void they discovered when they looked for a tool to serve their combined need.
"When we got engaged, Channing and I couldn't find a product that made it easy for us to work together on financial decisions, so we decided to build one," said Emily Luk, CPA, CFA, and CEO of Plenty. "The landscape of traditional financial planning or single-player fintech just doesn't work for couples like us. Today's couples expect easy collaboration, affordable prices, and are savvy enough to know that there are better investment products out there. We're excited to bring that all into one platform and introduce Plenty to the world."
Luk and Allen met while working together at the on-demand payment platform, Even, which was acquired by Walmart-owned One in 2022. Prior, Luk was an early Stripe growth, then finance and strategy team member and Allen led software engineering teams at Homebase. The couple married in 2023.
Built with collaboration and consolidation at the forefront, Plenty is next-gen fintech. While the category has long been exemplified by leading robo advisors like Betterment and Wealthfront, or budgeting apps like YNAB or Mint (RIP), Plenty brings the best of both and is custom-built for couples. Add modern goals like fertility planning, goals-based financial plans, and the ability to map investment strategy to core values? Plenty is built for modern life.
Connecting accounts to Plenty automatically loads and categorizes the past two years of data from existing accounts (from banking to investing and retirement), giving a clear picture that sets a great baseline for everything a modern couple requires, including:
- Clear cashflow: Tracking tools show month-over-month trends for spending, earning, saving, and investing, to show folks where they are.
- Flexible sharing: Plenty's clear view into "what's ours" and "what's mine" lets couples invest and save towards shared goals and track earnings and spending together or individually. Connected accounts can be flexibly labeled as shared or private.
- Goals-based planning: Invest towards key life milestones with personalized portfolios and plans to reach them. Goals can be shared or private, and funded however makes sense to the couple.
- Invest like the wealthy: A next-generation Robo-advisor (with direct indexing, advanced tax-loss harvesting, and values-based customization).
- Appealing APY: Plenty's cash management feature offers an impressive 5.08%* APY – 13 times higher than the national average.
Plenty makes its public debut with a $5 million seed investment led by Inovia Capital, with contributions from Garage Capital, Otherwise Fund, and Interplay. The seed participants join pre-seed investors: Kevin Durant and Rich Kleiman's 35 Ventures, Charge Ventures, Phenomenal Ventures, Xtripe Angels, and strategic angels Adam Nash (formerly Wealthfront), and Mark Goines (formerly Intuit, early in Mint and Personal Capital [acq. Empower]). The new capital will be used for product and team expansion.
"Having had the privilege of knowing Emily for over a decade and collaborating with her at Inovia, I'm excited to join forces with her for the launch of Plenty," said Chris Arsenault, Partner at Inovia Capital. "Emily and Channing have crafted an extraordinary product that fills a crucial gap in the fintech landscape, aimed at the needs of millennials. Our enthusiasm to invest in Plenty stems from our confidence in their vision and commitment to revolutionizing collaborative finance."
Since launching its early access, invite-only program in May 2023, couples who have turned to Plenty to reach their unique financial goals have invested an average of $70,000 through the platform.
"Plenty was really easy to set up and implement for my wife and I," said Omar Ramirez, a Plenty early access user since July 2023. "It helped us to have some critical conversations and get a clearer view on where we are at as a family financially. It also gave us access to tools we otherwise wouldn't have been aware of, with easy-to-follow instructions."
Plenty is available for couples and individuals at $100 per person, per year. The app is currently offered in a desktop version, with a mobile app coming soon. Anyone can sign up and start building wealth today: withplenty.com.
*The rate quoted is subject to change and will decrease or increase based on changes in market conditions, and interest rates, among other factors. The rate quoted is net of transaction and advisory fees.
About Plenty
Plenty is the first-of-its-kind platform that helps modern couples invest and plan for their future together – bringing wealth management into the next era for everyone, not just the 1%. Built with collaboration and consolidation at the forefront, Plenty offers a goals-based approach for couples to merge their money and build wealth together, from long-term investing and high-return saving to budgeting and cash flow management.
Plenty is founded by fintech veterans and newlyweds Emily Luk and Channing Allen, and backed by fintech industry leaders who have defined modern finance. The company has raised $8 million to date. To learn more about Plenty, visit withplenty.com.
Media Contact
Kira Wolfe, Plenty, 9255881610, [email protected], https://www.withplenty.com/
SOURCE Plenty
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