Google Finance: The startup has just a few months left to go
Google Finance is one of the most anticipated startups of the tech sector.
The Calgary-based company has raised over $3 million from Canadian venture capital firm Khosla Ventures, and the company has just two months left before it goes public.
The company’s CEO, Mark Zuckerberg, has said the company is the next big thing in finance.
But some are worried about the company’s future and are calling it an IPO.
The startup was founded by two former employees of Google Finance.
It aims to give financial advisors a better way to advise clients.
“This is going to be a disruptive, disruptive, transformative industry,” Mark Zuckerberg told the Canadian Financial Review in February.
“I think we’ve already begun to see the effects.”
Kosla says Google Finance can help to reduce the number of costly advice fees, and to better understand and manage financial risk.
In the next few months, the company will offer a suite of tools that will help finance professionals make better decisions and manage more risk.
They include a platform called FinanceX, a dashboard for their customers that allows them to see how their financial advice and financial management has changed over time.
“We’re not going to go in the dark on our customers and tell them how to make decisions, but we will give them a way to do it,” said Kia finance founder and CEO Matt Zweig.
“We’ll give them the tools that help them make informed decisions.”
Kia finance has partnered with two major banks, Canadian National and the Royal Bank of Canada, to develop FinanceX.
It also has partnerships with several insurance providers and financial advisers, including Canadian Life, which has a partnership with Google Finance, and Blue Cross Blue Shield of Canada.
The two banks have also offered a beta version of the platform to their clients, allowing them to help improve the experience.
“The beta is really just a pilot and we’re excited to share that with you now,” said Brian Whelan, chief executive officer at the banks.
“I think there are some pretty compelling arguments for it.”
But some financial advisers aren’t so keen on FinanceX’s beta.
“They’re trying to take the best elements of Google, and build a platform around them,” said Michael Gros, a partner at Ernst & Young in Toronto.
“It’s a very risky venture, to be honest.
I think it’s very risky.
If they take the features from Google and they don’t integrate with the platforms that I think Google Finance has built, then I think they’re not delivering what they promised.”
While some experts are still skeptical about the venture, others say they’re intrigued by the prospect of a platform that can help simplify the financial advice process.
“A lot of the people who work in finance, they’ve got a lot of money in their portfolios and they’re looking for guidance,” said Gros.
Kai Kiele, a professor at the University of Calgary’s business school, says the idea of a mobile finance app has been around for years. “
Kosana can help you understand how much money you need to invest, how much you should be investing, how you should diversify your portfolio.”
Kai Kiele, a professor at the University of Calgary’s business school, says the idea of a mobile finance app has been around for years.
He says that Google Finance’s goal is to make the advice process simpler and more user-friendly, so that people can focus on managing their financial situation.
“One of the problems we have in finance is that the people in charge are often people who don’t understand finance,” Kieley said.
“That is one thing we’re trying do in FinanceX is to help make the process a lot more user friendly.”
“It’s not like we’re going to put this on a smartphone, and people are going to sit there, like, ‘oh, this is too complicated,’ ” he said.
“It could be something that is really interesting to a younger generation that’s getting into finance.
It’s an opportunity for them to learn, and it could help them to do that better.”
Kiele says it’s a good idea to focus on building the tools to help people manage their financial risk better.
“People are so caught up in their day to day lives, that they’re so focused on that and their money, that if you can get them to think about the other things that they have in their portfolio, they can better manage those,” he said, adding that it’s possible to build a tool that would allow someone to better manage their finances.
The venture capital fund has partnered up with a number of major Canadian financial institutions to develop the FinanceX platform.
The fund says the financial advisers who have received beta versions of FinanceX will be able to access the platform at a later date.