Mical Jeanlys-White founded WealthMore out of frustration.
She spent years on Wall Street, developed products at American Express and was a Managing Director at JPMorgan Chase, where she realized the financial industry still had challenges when it came to helping consumers build and understand wealth.
“70% of Americans can't afford a wealth advisor because of high account minimums and fees, yet those who have one grow their wealth 2x,” she told TechCrunch. “When I tried to find a wealth advisor, I had the same frustrating, underwhelming experience.”
Her answer was to launch WealthMore, an investment platform that requires only a $5,000 minimum to connect clients with advisor-led portfolios, licensed wealth advisors and financial planning services.
Not surprisingly, the idea came to her while she was riding the Peloton.
“I like to say that Wealthmore is Peloton meets wealth management,” she said. “Our goal is to make it the norm for the 99% of people. The more people who are financially prosperous, the greater the social and multiplier impact.”
After two years of incorporation, the company quietly released a beta version in June and officially announced it here on TechCrunch today.
Developing this product has been a very personal journey for Jeanlys-White. Her grandmother immigrated to the United States from Haiti and was her family's unofficial money coach. She, like many immigrants, joined a savings club, which helped her reach her goals and make a down payment on a house. She enjoyed talking about money and being with people who shared similar interests.
“But her money was sitting in low-interest savings accounts and term deposits,” Jeanlyse White continued. “She was never on a banker's call list. With the help of a financial advisor, she could have become a millionaire and built generational wealth.”
The racial wealth gap is large. According to federal data, the median wealth of black people increased from $27,970 to $44,890 between 2019 and 2022, but it is still lower than other racial groups. The median wealth of Hispanic households is $62,000, white households $295,000, and Asian American households $536,000. According to the 2021 U.S. Census, white households hold 80% of the wealth in the United States, compared to 4.7% for black households. This racial wealth gap is difficult to close, and some experts believe it may take another 100 years to close.
Jeanlyse White points out that the gender wage gap could cost women at least $1.2 million, and that only 49% of black women have a 401K, compared to 62% of all adults. “The wage gap is a leading driver of retirement savings and wealth disparities,” she said.
Image credit: WealthMore (screenshot)
Research potential users and build your brand
Before starting to build the platform, Jeanlys White surveyed more than 300 potential users to find out how much they were willing to pay. This survey determined the company's pricing levels (three tiers starting at $25 per month for a minimum account size of $5,000) and the design of its website. The company has partnered with Apex Clearing Corporation to provide brokerage services.
To help build the brand, the company launched lifestyle products like clothing and hosted wealth-building conversations at hair salons, doctor's offices, conferences, etc. “People were honest with us and were vulnerable.” Plus, because wealth builders often feel underrepresented in the industry, Jeanlys White made sure to feature diverse wealth advisors on the platform.
The company is creating communities on the app, like #firstgenwealth and #newinvestors, for people to join and host activities and events. “We're creating communities like #blkwomenhealth to address these unique factors and help our community move forward with investing and sound financial planning,” Jeanlys-White told TechCrunch. (She said users can find her at #firstgenwealth, #blkwomenwealth and #womenwhowealth.)
Despite a tough fundraising environment for fintechs, Jeanlys White began fundraising for its own company in October 2023 and raised an oversubscribed pre-seed round of more than $1 million led by Emelin Ventures in April 2024. Other investors include a16z TxO, BFM Fund, and First Row Partners.
She recalled that early investors expressed concerns about previous fintech companies that had struggled in the space, but they continued to hone the company's story nonetheless.
“Once investors were able to 'see' the product, our fundraising traction changed dramatically,” she said.
The team now has 10 people. The first hire was a head of engineering: Janlis White wasn't a technical founder, and she said she needed someone to help get the product in the hands of users.
She hopes the company will be out of beta mode by the end of the year and ready to help people with their New Year's financial resolutions. For now, Jeanlyse White is excited to see people start using the platform and just remembers her grandmother's experience.
“She would have loved Wealthmore,” she said, noting that she would have especially loved the community. “Our wealth advisors would have helped her overcome her fear of the stock market, and that would have been a big win. She's looking down on Wealthmore and smiling.”