Apptuto, a financial education platform, has secured $500,000 in funding. 500 Startups led the round with participation from other investors that included Michael Staton, a partner at Learn Capital, and executives from Google, HSBC, Macquarie Bank, Delta Partners Group.
San Francisco, October 27, 2015 — Financial education platform Apptuto has raised $500,000 in angel funding, led by 500 Startups, to reinvent how professionals prepare for strenuous and demanding accreditation exams.
The round also included strategic angel investors from the US, Europe, and United Arab Emirates, including Michael Staton, a Partner at Learn Capital, and executives from Google, HSBC, Macquarie Bank, Delta Partners Group, and Roland Berger.
Apptuto was also accepted and is participating in Batch 14 of 500 Startups accelerator program in San Francisco, out of more than 1000 applicants worldwide.
Apptuto currently offers a tutoring and exam preparation platform for Level I of the Chartered Financial Analyst (CFA) Program. The CFA charter is consider the gold standard of the investment management field and popularity for the exam has been growing, with June 2015 seeing a 7.4% increase in candidate numbers from a year earlier.
The CFA Program is one of the most challenging and demanding certificates in the industry, with the Institute recommending candidates dedicate 300 hours to studying. Candidates often having busy lives and often do not have an adequate amount of time to study and pass. Hence pass rates remain approximately 40%.
A mobile app is important to helping students study whenever possible, enabling them to utilize their time more efficiently. Apptuto uses gamification techniques, which have been shown to be effective in encouraging students to study, and can help working professionals stay motivated as they prepare for their exams.
Since launching in 2014, Apptuto’s user base has grown by more than 30% month-on-month. Apptuto is a member of the CFA Institute Prep Providers Program, and is already in advanced discussions with Fortune 500 companies for Enterprise partnerships.
It will use the funding to grow its marketing and development capabilities in San Francisco, launch Level II & Level III of the CFA Program, and develop an enterprise platform to assist tutors and HR managers by providing insight and analytics into student cohorts.
Longer term, Apptuto aims to expand beyond the CFA Program, firstly into other similar Finance and Accounting exams, and then onto other standardized tests where a smart, well designed tool can greatly assist learning.
While the Company has customized analytics for each user and pinpoints where their weakness is, how to improve, they are focused on developing new methods to increase studying efficiency and optimizing productivity.
Founder and CEO, Nicholas Cooper, designed and created Apptuto out of a desire to solve his own frustrating experience in the finance world.
“As a CFA Charterholder myself I was unhappy with the quality of existing tools, and lack of innovation that had occurred in the space when I was studying for the exam – I wanted to create something better and help other students,” Cooper said.
“Apptuto aims to increase student engagement and motivation through the use of gamification and social learning. By being truly mobile, users can study anywhere, anytime, increasing their productivity and optimizing their free time.
“We have taken a novel approach to helping more professionals gain their required qualifications. We’re doing it first for finance, and the way Apptuto solves this problem will work for a wider range of standardized tests.”
For more information on Apptuto, please visit: apptuto.com
Apptuto is available in the Apple iTunes store and the Google Play store today.