The Venture Codex

Participated · Seed · Jan 2020

UNest provides an app-based platform (iOS and Android) that helps parents save for children through custodial accounts and financial planning tools. The company currently offers ETF-based investments and originally launched with tax-advantaged 529 plans before shifting to custodial accounts for greater flexibility. UNest plans to launch UNest Legacy in Q2 next year to enable parents to buy individual stocks and cryptocurrencies, and will introduce ESG portfolios via a partnership with Franklin Templeton. The firm registered as a broker-dealer, acquired two companies, and had a high-growth 2021, adding 300,000 users to reach 400,000 total users; it targets 1 million users by the end of next year. Proceeds from the Series B will be used to build new features and expand offerings, and the company is evaluating expansion into Europe and B2B benefits partnerships. CEO and founder Ksenia Yudina, who holds a CFA and an MBA, started the Los Angeles-based company in 2018 after working as a financial planner for high-net-worth clients. UNest offers financial planning and savings tools for parents, focusing on college savings through 529 accounts and Uniform Transfer to Minor Accounts (UTMAs). Founded by Ksenia Yudina to serve lower- and middle-income families, the app lets users open accounts with as little as $25. The company charges a $3 advisory fee per user per month and reports average customer deposits of about $250 per month. Since its public launch in February, UNest has signed up more than 25,000 users. UNest added UTMA management services to broaden the range of tax-advantaged and custodial savings options available to families. The newly raised capital will be used to accelerate growth through strategic hires and partnerships. U-Nest provides a mobile app that allows families to save for college and other educational expenses. Led by CEO and founder Ksenia Yudina, the company is a fully accredited and registered financial advisor with the SEC and FINRA. The iOS app is already available. The company is based in North Hollywood, Calif. U-Nest intends to use the funds to deepen its support team and accelerate outreach, product development and partner development. The recent financing increased the company's seed round total to $3.5M. U-Nest is a North Hollywood-based mobile fintech app that helps families save for college and other educational expenses via tax-advantaged 529 college savings plans. The app streamlines setup so parents can start a plan quickly rather than spending hours on research and application forms. U-Nest is a fully accredited and registered financial advisor with the SEC and FINRA. The company is led by CEO and founder Ksenia Yudina, with CMO Peter Mansfield and COO Mike Van Kempen among the team. U-Nest closed a $2M seed funding round and plans to use the funds to scale outreach across the country and collaborate extensively with partner organizations.