Magnetic, a technology investor located in Berlin, is leading the investment round. Six local unicorn founders (Pleo, Synthesia, Zendesk, and Sitecore) joined the round, as did Y-Combinator, Nordic Makers, and other famous angel investors.
”We expect 2024 to be a breakthrough year in which we will launch across the Nordic region that remains dominated by incumbents with 50%+ profit margins. The financial markets are currently undergoing a true revolution and this round positions us to become the leading challenger in the Nordics and beyond.”
Joakim Bruchmann, CEO & co-founder
The company describes its mission as making investing stupid-simple, drawing inspiration from companies like Robinhood and Trade Republic but focusing on the 100 million Europeans who live in countries with their own local currencies, such as the Nordics, where little innovation has occurred since the 1990s due to infrastructure bottlenecks.
With a lean setup, the company has recently obtained an EU Investment Firm and Custody License, constructed proprietary core banking infrastructure for the EU, and tested its social trading software with over 5,000 enthusiastic demo users.
With neo-brokerage penetration in the EU much lower than in other regions, prospective winners will emerge in the coming years. This is especially true for non-European countries.
“We are really excited to lead Pluto.markets’ €2.4 million funding round alongside a group of extraordinary investors. We are big believers in financial participation as a driver for lasting and systemic change, which aligns well with Joakim’s and Oscar’s approach, starting with modern proprietary core banking infrastructure for underserved regions. The gap in the market is obvious and the Pluto team has proven that they have what it takes to win.”
David Rosskamp, Managing Partner and founder, Magnetic
