WealthMore: A Revolutionary Investment Platform Bridging the Racial and Gender Wealth Gaps with Accessible Financial Planning and Diverse Communities

Inspired by Personal Experience, WealthMore Aims to Close the Wealth Gap

WealthMore: A Revolutionary Investment Platform Bridging the Racial and Gender Wealth Gaps with Accessible Financial Planning and Diverse Communities
Images credit: WealthMore LinkedIn 

WealthMore, an innovative investment platform, was born out of Mical Jeanlys-White’s frustration with the finance industry’s lack of accessible wealth-building tools. After years of working on Wall Street, building products at American Express, and serving as a managing director at JPMorgan Chase, Jeanlys-White realized that the financial sector had significant gaps in helping everyday consumers build and understand wealth. Her personal journey, deeply influenced by her grandmother’s experience, led her to create a platform designed to democratize wealth management and empower those typically underserved by the financial industry.

A Platform Designed for Accessibility and Community

WealthMore requires only a $5,000 minimum to connect users with licensed wealth advisers, adviser-led portfolios, and comprehensive financial planning services. Jeanlys-White drew inspiration for the platform during a ride on her Peloton, likening WealthMore to "Peloton meets wealth management." The platform is designed to normalize financial growth for the 99%, aiming to have a significant social and multiplier impact by helping more people achieve financial stability.

Before launching WealthMore, Jeanlys-White surveyed over 300 potential users to fine-tune the platform’s pricing and design. The result is a tiered pricing model, starting at $25 a month, tailored to meet users' needs. To build the brand, WealthMore also released lifestyle products and hosted wealth-building conversations in community spaces like hair salons and doctor’s offices, making financial discussions more approachable and relatable. Additionally, the platform features diverse wealth advisers to ensure representation and relatability in an industry where many do not see themselves reflected.

Image credit: WealthMore

Addressing the Racial and Gender Wealth Gaps

WealthMore is particularly focused on addressing the racial and gender wealth gaps that persist in the United States. Jeanlys-White highlighted that the racial wealth gap remains wide, with median Black wealth still significantly trailing behind other racial groups. Federal data shows that Black households hold just 4.7% of the wealth in the U.S., a stark contrast to the 80% held by white households. The platform also targets the gender wealth gap, with Jeanlys-White noting that women, especially Black women, are at a disadvantage due to the wage gap and lower participation in retirement savings plans like 401Ks.

Image credit: WealthMore

To empower its users, WealthMore has created communities on its app, such as #firstgenwealth, #newinvestors, and #blkwomenwealth, where people can connect, share experiences, and participate in events. Jeanlys-White herself is active in these communities, emphasizing the importance of representation and support in financial planning.

Overcoming Challenges and Looking Forward

Despite a challenging funding environment for fintechs, Jeanlys-White successfully raised an oversubscribed pre-seed round of at least $1 million in April 2024, led by Emmeline Ventures and supported by investors like a16z TxO, the BFM Fund, and First Row Partners. Initially, some investors were hesitant due to past struggles of fintechs in this space, but as they began to see the potential of WealthMore, fundraising traction increased significantly.

Currently, WealthMore’s team consists of 10 members, with the first hire being the head of engineering to help bring the product to life. Jeanlys-White hopes to officially launch WealthMore by the end of the year, just in time for users to set their financial New Year’s resolutions. Reflecting on her journey and her grandmother’s legacy, Jeanlys-White believes that WealthMore has the potential to make a significant impact on financial literacy and wealth-building for those who need it most. 

“She would have loved WealthMore,” Jeanlys-White said, fondly remembering her grandmother. “Our wealth advisers would have helped her overcome her fear of the stock market, and that would have been a huge win. She’s smiling down on WealthMore.”