MEDICI now! The Limitless Story

One of the most shocking things Limitless Co-founder Ka-ming Lim read in 2015 was that millennials had a negative savings rate. After over 20 years in the investment industry in London, NY and Singapore, he knew that this was precisely the point in their lives that they should be not just saving money but investing for the long-term given how much time they have to ride out volatility and massively compound their gains.

The media suggested it was because millennials were entitled, job-hopping, participation-award receiving allowance grabbers... But that's not (entirely) true. The reality is that real income and job security are low while living costs and debt burdens are high. Study after study shows that millennials are indeed concerned about their financial futures and willing to be responsible, but feel that they don't have enough time or expertise and think that they need a significant lump sum to even make a start.

Together with Co-founder & CEO Sara Koslinska, a millennial herself and a dynamic startup specialist with experience in Warsaw, London, Tel Aviv and Singapore, they set out to find a solution. What they arrived at was to address the regulatory and technological challenges that incumbent banks are facing to create a mobile app that banks would white label or co-brand. The Limitless app helps to motivate and help their millennial customers to save and invest, and can generate attractive short and long-term returns for the bank in the meantime.

The user-friendly app by Limitless regularly and automatically moves a small percentage of spending on any credit/debit card from the user’s current account at any bank into their own investment account held at the Limitless partner bank, and from there automatically into a simple and risk appropriate portfolio of ETFs. The bank pays Limitless a fee and gets to keep and gain customers, offer them other financial services and, with permission, gain valuable holistic insights into their overall financial position. Without the need to build B2C brand equity, Limitless' efforts and capital can be directed at perfecting the value to the end user as well as to its clients.

Incorporated in the UK, Limitless has a ready product with a strong and diverse team based in Amsterdam, Singapore, Warsaw and Helsinki. It has successfully integrated with a European bank and has three signed letters of intent. Its first paid pilot launches in August 2017 and the company has currently secured around €100,000 out of their €300,000 seed round.