- A new fintech called Fierce has emerged from stealth with $10 million in seed funding.
- The company’s iOS-based app features a cash account with an APY of up to 4.25%; a Rewards Credit Card is planned for later this year.
- Fierce is backed by investors including Pendrell, AP Capital, Wheelhouse Digital Studios, and Space Whale Capital.
Fierce, a fintech based in New York, emerged from stealth this week with an iOS-based app and $10 million in seed funding. The investment came from institutional investors including Pendrell, AP Capital, Wheelhouse Digital Studios, and Space Whale Capital, as well as angel investors. The funding will help Fierce add to its team, build up its customer base, and market its solution.
“Fierce is a customer focused, feel-good finance app,” Fierce founder and CEO Rob Cornish said. “We are truly mission-driven in our effort to bring the best of fintech to people, so we built an incredibly advanced platform with a simple UX to give as much yield as possible to our customers. Our goal is to help users increase their wealth while enjoying an empowering, positive experience on the app.”
Founded in 2021 by a team of financial services professionals with backgrounds in both challenger and traditional banking, as well as cryptocurrencies and U.S. stock exchanges, Fierce offers users an all-in-one financial app for savings, spending, investing, and more. Fierce features an FDIC-insured cash account with an APY of up to 4.25% and no monthly fees. The app also enables users to buy shares of both stocks and ETFs – including the purchase of fractional shares – as well as participate in Fully Paid Securities Lending (FPSL) through which investors can earn passive income by lending their stocks. Note that FPSL does not prevent investors from trading their shares at any time.
Fierce also said that it plans to introduce a Fierce Rewards Credit Card later this year. The card will offer 1.5% cash back on all spending, and all interest and rewards earned are automatically redeemed into the user’s portfolio. Additional functionality – such as access to personal loans, mortgages, insurance, and more – is planned, and Fierce expects to offer an Android version of its app later in 2023.
“Fierce is entering the market with a powerful solution that allows customers to take control of their finances while calming the financial anxiety that many people face today,” Fierce angel investor David Krell said. “We’re confident in the company’s ability to provide customers with the means to create financial stability for the long run.”