Swell announces closure
Swell Investing has announced that it is closing down due to a lack of scale, reports Jane Connolly.
The California-based investment platform was founded in 2017 on impact investment principles. In a statement on the company’s website, it was announced that Swell would no longer be accepting new clients from 24 July.
“Our journey began as a mission that every dollar you invest would have a positive impact on the world,” the statement reads. “Together, we built a product that allows you to invest in companies innovating to solve global challenges.”
It continues: “While we’re incredibly proud of what we’ve accomplished together, Swell was not able to achieve the scale needed to sustain operations in the current market. As a result, we will be closing.”
Account holders have the option to either sell and withdraw their funds or transfer the account to another investment platform. The deadline for beginning transfers is 15 August.
If no action has been taken by 30 August, the account will be liquidated and the balance returned to the account holder.
Swell has stated it will waive management fees for August and cover any fees imposed by the custodian, Folio.