The Financial Gym Inks $6M Series A
NEW YORK, NY, The Financial Gym announced today it has closed $6 million in Series A funding.
The Financial Gym, an online and retail personal financial services company created to help the public easily and affordably achieve their monetary goals, announced today it has closed $6 million in Series A funding led by global investment management company, VanEck, with participation from current investors Alpine Meridian Ventures and Brooklyn Bridge Ventures. The Financial Gym plans to use the funding to open eight new retail locations across the country in 2020 to further its mission of abolishing fear and shame around discussions of personal finance.
The growth of The Financial Gym will play an integral role in improving the financial health of Americans. Having already serviced more than 4,000 clients across 50 states since its founding in 2015, their unique, fitness-inspired, methods have resulted in 90% of the company's clients achieving their financial goals in just one year. Specifically in the first three months of membership, the average Gym client increases his or her net worth by $2,000, credit score by 40 points, and salary by $5,000 or more.
"Americans are in desperate need of guidance when it comes to managing their personal finances," said Shannon McLay, founder and CEO of The Financial Gym. "A large part of the problem is the limited accessibility to professionally trained financial advisors. This new round of funding will allow us to open more retail locations, which gives new and existing clients the opportunity to better achieve their goals through increased interaction with Trainers while promoting an empowering mindset around money that we aim to instill in everyone we work with."
In 2019, the mismanagement of personal finances cost Americans $300 billion. With credit card debt reaching more than $1 trillion and student loans totaling over $1.6 trillion, the need for widely accessible and affordable personal financial services is at a critical level. As these issues span across socioeconomic backgrounds, The Financial Gym caters to people of all incomes and ages. For a low monthly fee, clients receive personal coaching sessions, regular check-ins, customized financial plans uniquely designed for each member's lifestyle and circumstance, and free unlimited access to The Gym's offices for use as a coworking space.
"The Financial Gym's mission is one that speaks to our firm in a concrete way, and we're pleased to be part of this fundraise," said Jan van Eck, CEO of VanEck. "A number of the investors in our funds purchase shares through online platforms, but they still need access to savings and tax planning advice. The Financial Gym helps meet those needs in a friendly and innovative way, and we're excited to be a part of the next phase of the company's growth."
With the closing of the Series A, The Financial Gym will be conducting a series of regional expansions starting with the opening of its Washington, DC, Los Angeles and Brooklyn locations in Q1. By the end of 2020, the brand plans to open locations in Hoboken, San Francisco, Atlanta, Austin and Chicago.
To learn more about The Financial Gym or to obtain a free consultation, please visit financialgym.com.
About The Financial Gym
The Financial Gym is a national personal financial services company that takes a fitness-inspired approach to its clients' finances. Certified Financial Trainers work one-on-one with clients regularly to teach them how to make smarter, more strategic money decisions by holding them accountable. Over 90% of The Financial Gym's clients achieve their financial goals creating peace of mind about their financial futures. As with a fitness gym, clients pay a low monthly fee for the service. For more information, please visit financialgym.com.
VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm's drive to identify asset classes and trends - including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 - that subsequently shaped the investment management industry.
Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of December 31, 2019, VanEck managed approximately $55.6 billion in assets, including mutual funds, ETFs and institutional accounts. The firm's capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck's passive strategies.
Since our founding in 1955, putting our clients' interests first, in all market environments, has been at the heart of the firm's mission. For more information, please visit vaneck.com.
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