Launched in the UK last month, ikigai is a completely new offering in banking and wealth management for people who want to make more of their money – it allows them to spend, save and invest wisely.
Accessed using a premium ikigai card and beautifully designed app, ikigai is the first fintech in the UK to include a daily current account, a savings account, and wealth management services all in one app. Built on the premise of ‘financial well-being’, our app allows customers to split their money across their accounts, and invest in portfolios carefully curated by ikigai. Each customer also gets access to a personal relationship manager, to ensure a full personal experience.
Compared to other digital banking platforms, ikigai is a service built for kids and the newly affluent – a demographic of people now entering their primary income and spending years, who want to make more in their money but there are certain financial needs that can be too complicated for day to day banking services.
How did you come up with the idea for ikigai?
The idea for ikigai came after realizing that we both shared the same failures with our banking services. As consumers, we don’t feel like we have a banking relationship that we value or one that values us as customers. We also realize that there is a huge connectivity between the low-touch, day-to-day services offered by street banks to consumers, and the high-interaction, personalized experiences provided by private banks to their most affluent clients.
From here we know there is a need to develop a service for people like ourselves who are looking unique in their daily banking app, and so Ikigai was born. From the Japanese definition ‘The reason for being’, We believe that individuals coming into their best years of having potential want their money to work for them more efficiently and effectively, all while having a personal point of contact.
Ikigai is built to meet client needs in a way closer than the average bank, combining the best mix of a high-touch, personal service you’ll find in private banking with a seamless experience of using a fintech.
How did ikigai change during the pandemic?
Just launching the official ikigai in March, last year saw us continue to build our product and service into something we knew our customers would love.
If anything the pandemic only made us realize the importance and need for a product like ikigai. As Covid-19 has disrupted people’s lives and livelihoods, the need to maintain financial stability and well-being has never been more important than ever and people want an easy way to manage their finances. Moreover, because lockdown has forced us to distance ourselves from others, and limited social interaction, we also believe that our relationship managers with interaction will be a welcome addition for our customers who want to build a connection with their money and wealth.
What can we expect to see from ikigai in the future?
We were just at the beginning of our journey with the ikigai, and were incredibly excited to see where it would take us next. We recently completed a crowdfunding campaign in April, which saw us raise more than £ 1.2m, reaching excess revenue in 12 hours, our immediate priorities were focused around further accelerating our product, developing of our tech team and hiring new relationship managers.
Furthermore, we are very grateful for how well ikigai has been received so far, and are keen on maintaining this momentum. Our product roadmap has seen us recently launch a new stock and shares of ISA for our Wealth service, and we already have many developments in the pipeline that we are excited to unveil in the coming year.
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