Prograd, a London-based fintech platform that aims to help young people understand finance and set personalised goals, has secured $2.5M in a seed funding round.
Deloitte Ventures (which also backed Climate X) and backed the investment round alongside Techstars, ZAKA Ventures, AGAM, and Mandeep Singh (founder of marketplace Trouva).
Additionally, new and existing angel investors – operators and leading figures from the financial services industry, participated in the round.
With this, Prograd joins the list of fintech startups that cater to growing millennials and GenZ.
The UK-based company announced it would spend funds to expand its marketing and development capabilities, to improve its digital footprint, to release an app, and to develop its technology.
Ethan Fraenkel, CEO and co-founder of Prograd said, “We are thrilled to have world-class investors support us in our journey to educate the Gen-Z and help them achieve their financial goals – without financial jargon and in the most cost-effective way. We believe that one of the biggest problems in consumer finance right now is the lack of personalisation and financial literacy. There is a big disconnect between banks, what customers want to do and how the two parties communicate.”
He added, “This funding is an important milestone at a time where financial support has never been as critical for young people with the current cost of living crisis and gloomy financial outcome. We want to help this generation find the best solutions for their needs.”
Helping with sustainable financial goals
After struggling to find sustainable financing options to cover the cost of their master’s degree, Marco Logiudice and Ethan Fraenkel founded the company in 2022. As a result, they took out high-interest personal loans and were forced to repay double what they borrowed.
A financial literacy platform for Gen-Zers, Prograd helps users set financial goals and find personalised paths to earn, save, or borrow their way to their goals.
Through proprietary algorithms, the startup matches users with solutions from different providers that can help them achieve their goals, including side hustles, flexible work, savings accounts, credit cards, and car loans.
Furthermore, the company joined the Techstars London accelerator, which offers mentorship, growth coaches, and capital to help it grow.
Founded in August 2022, the fintech startup claims to have helped over 15k users improve their finances.
Louise Brett, Vice Chairman of Deloitte UK and Head of UK Fintech, says, “The knowledge gap around financial literacy, especially for younger generations, is a global problem that has deep societal implications. Prograd’s approach to this challenge offers meaningful benefits to consumers and financial services.”
