A common refrain made by older generations is that younger generations are self-absorbed and uncaring, and millennials are often saddled with this stigma. In reality, this age group is very socially conscious and acts in relation to this conscience. In fact, 67% of millennials (and 44% of gen x) prefer to invest in companies and causes that align with their values and social conscience. What this means is, if you want millennials to invest in your company, you need to be the right type of company.
What does this mean for FinTech and your startup? Well, the technology aspect of FinTech means the younger generations are a prime target market, but how do you get this segment of the market to patronize your startup?
The answer is pretty simple: combine their love of social justice with their comfort in technology. FinTech companies that push their links to social justice put themselves in a good place to get business from millennials.
This is the route that Grow took. A FinTech company, they set themselves ahead of the pack by specializing in environmental, political and social investments and causes. Stating that Grow lets clients be “contentious investor(s),” Grow’s clients can take pride and comfort from the fact that the money they invested is not simply sitting idly in an account accumulating interest. Instead, it is going towards social good.
Interested investors simply decide which causes they want to support (the environment, social responsibility or good governance, etc.) and add money or set up an automatic deposit to their account. Grow then uses its custom database and analytics tool–Grow Analytics–to seek out the best investments for the client’s selections. These investments are then easily viewable on the Grow app.
For millennials (or to a lesser degree generation x), easy-to-use technology is a must for almost every aspect of their lives–and obviously this extends to investment as well. A startup that wants to reach this market and has harnessed modern technology is in a good place. Combine it with one of their other interests and you will find you have very interested and loyal clientele.