PersonaFi seems to be disrupting personal finances with the Social Investing app

The pandemic recovery has not been uniform.

The economy is recovering at a varying pace; the poor get poorer and the rich get richer, he says Ken Mooso, CEO at social investing app PersonFi.

“Younger generations are being left behind,” he said in a discussion about taking into account the growing awareness of economic sustainability and strengthening trends that suggest society is more interested in saving and investing, rather than spending and borrowing.

His experience in serving clients such as Wells Fargo & Co (SNEEZE: WFC) and Bank of America Corporation-owned (NYSE: BAC) Merrill as well as at home, as a child in his upbringing, gave him a unique insight into the wrong actions in the financial world.

“I came from a family that did not understand much about financing and that caused a lot of friction. When I witnessed it, I told myself that no matter what, I should learn how to make money and make it work for me. ”

Start: While working in wealth management, Mooso became frustrated with what he said is the trust standard.

“The consultants have to work in the interest of their clients – that sounds like a pretty thing – but what ended up happening was the exact opposite.”

The organizations he affiliated with were largely in default of selling exposure to mutual funds and charging unnecessary administration fees.

“We crush the customers and they do not even know it,” he exclaimed.

He then took matters into his own hands, playing on trends that suggest investors are more confident in themselves and their integrated social network.

Development: He said that “the idea was something like Venmo, where you can see who is buying what.”

To test the idea, Mooso started posting his trading ideas on social media. Friends then began frantically reaching out and asking for increased details about his method and execution.

“I ended up creating one Facebook group it blew up massively where we even got national attention. ”

Functionality: There are three core tools for the PersonaFi platform.

The first allows users to see what their friends have in their overall portfolio.

“We initially built a web app and tested it with about 100 people. Now we have an iOS version where you can see what people have in their portfolios, whether it’s with Robin Hood or TD Ameritrade. ”

The second allows users to perform due diligence for their friends, and the third is trade alerts.

“We send trade alerts to the people who are willing to pay for it,” Mooso said of the tool, which is still under development.

Trading ideas merge basic theses and technical setups with preset items and exits.

Outlook: PersonaFi is in early stages of disruption of personal finances, largely.

“I see ourselves on the way to where PersonaFi will not only be focused on the stock market. People do not confidence or caring for the banks, and our generation is not really turning on cable news. The source of their information is through social media. ”

So far, Mooso has been contacted by a few institutions about partnership initiatives. A company sought to collaborate on the platform’s consulting opportunities.

“We believe we are going to be a major driver of financial news in all aspects, not just the stock market.”

To learn more about PersonaFi and its campaign to raise money and disrupt personal finances, click here.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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