Companies join forces to help more people earn money and open investment accounts
NEWPORT BEACH, CA / ACCESSWIRE / December 22, 2021 / Ant Money, the embedded finance platform, today announced it has raised $20 million in a Series A financing led by Franklin Templeton's Franklin Venture Partners, Walter Cruttenden, RX3 Ventures, SteelBridge Laboratories, and Steelpoint Capital Partners. In conjunction with the merger, Ant Money also finalized the acquisition of Blast via a stock-for-stock merger. The move increases the number of apps under the Ant Money umbrella, from one to three, all of which allow users to earn money that goes to build investment accounts.
"Building an investment account early in life can help people on the road to financial success, but many people don't start because they lack the knowledge or funds," said Walter Cruttenden, Ant Money co-founder. "My hope is that Ant Money, which helps people generate small amounts of money to seed accounts, can foster new growing accounts and provide increased financial security for millions."
The merger brings three apps - ATM, Blast, and Learn & Earn - into the Ant Money family. The ATM app is designed to help users generate micro-income that is then invested in the stock market through Ant Money Advisors, a wholly owned, SEC-registered investment advisor and robo-advisor, embedded into the app. ATM has established partnerships with some of the world's leading companies to allow users to earn cash for participating in brand matching and providing consumer insights. Users remain anonymous in the ATM app and the company never shares or sells their personal information. Blast, through its Learn & Earn™ app, developed in collaboration with Junior Achievement USA, also helps people earn money for learning new skills. Likewise, these funds are automatically invested in the market, enabling the user to learn how the markets work while building their very first investment account.
"Ant Money and Blast had similar visions for helping people enter the financial investment world as well as overlapping management, and as we began working together and embedding the Ant Money investment platform into the ATM app, and the Blast Gaming and Learn & Earn apps, it seemed like the logical next step was to merge the companies and build a larger one together," said Michael Gleason, CEO of Ant Money.
"Embedding investment functionality into apps that already pay users rewards or other incentives is a fantastic way to help young investors get started, and an innovative way for Ant Money to build a large customer base with relatively low customer acquisition costs," said James Cross, Managing Director of Franklin Templeton's Franklin Venture Partners. "We are excited to be supporting the growth of this dynamic company."
Ant Money was co-founded by Michael Gleason and Walter Cruttenden. Gleason previously founded, managed, and sold Consumer Brands and now serves as CEO of Ant Money. Cruttenden is a renowned entrepreneur, having founded several investment companies including Roth Capital and Acorns. Cruttenden will serve as Chairman of the Board.
About Ant Money:
Ant Money helps people open investment accounts with its embedded finance functionality with Robo-Bumpers™ through Ant Money Advisors, LLC, its SEC-registered investment advisor. Investors are equipped with a portfolio that is designed to diversify and limit risk, half of the portfolio comprises five of the largest, lowest cost ETFs in the world, and the other half allows for customization of up to ten individual stocks. Ant Money was created by Walter Cruttenden, founder of Roth Capital and Acorns, and Michael Gleason, founder of Consumer Brands. Ant Money is based in Newport Beach, CA. www.AntMoney.com
Investment advisory services are provided by Ant Money Advisors, LLC ("AMA"), an SEC-registered investment advisor. AMA's terms and policies can be found at www.antmoneyadvisors.com or through www.adviserinfo.sec.gov and their Form CRS can be found here. AMA facilitates trading through DriveWealth, LLC, an SEC-registered broker-dealer and member FINRA and SIPC. Check the background of this firm on FINRA's BrokerCheck.
SOURCE: Ant Money