New UK fintech start-up Kaldi aims to help millennials and Gen Z save and invest
Kaldi, a new UK-based fintech start-up with the goal of helping Gen Z and millennials “save earlier and better”, is gearing up for launch in early 2024.
Through what it says will be an “easy-to-understand” savings and investment app, Kaldi hopes to encourage the younger generations to start saving and investing by providing solutions that are convenient and suited to modern lifestyles.
Kaldi will provide users with a digital account to hold their money and a card which can be used at partner retailers. Every time users make a purchase, they will receive an average of 2.5% cashback, which will go into a savings pot within the app, with the option to either save or auto-invest the money into funds managed by Fidelity and Vanguard.
Additionally, the app will also offer financial education resources and money management tools, allowing users to set up savings goals and learn which options may help them achieve their goals in the chosen time frame.
Incorporated in 2021 and headquartered in London, Kaldi has been co-founded by Mark Watson, who serves as CEO, and Justin White, the start-up’s chief operating officer (COO).
Watson previously served as CEO and co-founder of Ji Asia, a fintech platform based in Hong Kong that was later acquired by French banking giant Societe Generale, while White brings more than two decades of project management, financial planning and investing experience to the company.
So far, Kaldi claims to have raised over £1.5 million in pre-seed funding from investors including SFC Capital, The British Business Bank and Woodside Holdings, alongside support funding from Mastercard. The start-up is hoping to launch the app by March 2024.