Micro-investing app Peaks deploys in Spain, targets France
The Dutch micro-investing app Peaks is expanding to the Spanish market while eyeing the French market as its next target. Peaks was founded in 2016 by Tom Arends, Rutger Beens and Sijbrand Tieleman and enables individuals to invest small amounts of money - between €1 and €10 a day - in four diversified indexed portfolios. These are composed of exchange-traded funds managed by BlackRock, UBS and DWS.
The app, which is already available in the Netherlands, Germany and now Spain, will have its French version ready during the fourth quarter of 2020. Its use is free for the first three months. Then users either to pay one euro per month if their investments are worth less €2,500 or 0.5% of the amount invested per year if investments exceed €2,500. Other costs apply for index fund investments (from 0.25% to 0.33%) and for transaction costs including deposits, withdrawals as well as changes in portfolio (from 0.03% to 0.05%).
Co-founder Arends assessed that over 80% of European individuals express concerns about their financial future, depicting an investment industry hard to enter for individuals in Europe.