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Lifetise

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Award-winning Fintech helps people combat Covid19 and afford life goals: marriage, kids, home, retirement

101%
 - 
Funded 18 May 2020
£250,001 target
£254,240 from 567 investors
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Business overview

Location London, United Kingdom
Social media
Website lifetise.com
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 08202341
Incorporation date 15 Mar 2015
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Investment summary

Type Equity
Valuation (pre-money) £4M
Equity offered 5.95%
Tax relief

EIS

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Business highlights

  • Most Influential Fintech List 2020 & Innovate Finance Rising Star
  • Chosen for Accenture's FinTech accelerator in 2019
  • Over 12,000 people have used our apps since graduating Accenture
  • In advanced negotiations with a top UK bank for licensing deal
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Key features

  • Secondary Market
  • Nominee investment min. £11.82 +

Idea

Introduction

Lifetise is a financial planning platform that helps people afford the big life events: buying a home, having kids, getting married and retirement.

We are currently helping people financially affected by Covid-19 by creating guides and interactive tools that direct people to the financial help available. Since the coronavirus crisis, our average site traffic has increased by nearly 700% as people need help navigating their changing financial situation.

We've started with 2 products:

Homefinder - shows how much you can afford to spend on a home, how long it will take to save, and where in the UK you can afford to buy.

Childminder - helps parents calculate the costs of childcare and how many days they need to work.

Now we're building the full platform that will allow you to plan all your major goals over an entire lifetime, playing out different scenarios to see what works best for you.

To our knowledge, what makes us so unique is that we’ve designed Lifetise in a very game-like way.

Our ultimate vision can be described as "The Sims for your real life". A world where you can play out different life scenarios and see how they impact your finances and your happiness.

Intended impact

Everyone we know faces the same challenges: trying to get on (or up) the property ladder, paying off student debt, deciding when to start a family...

And they're not alone.

Roughly 14 million people in the UK are at an age (25 – 40) when they’re ready to make those big life decisions. They already have approximately £1.75 trillion in wealth and are set to inherit another £4 trillion.

84% of millennials seek financial advice clearly highlighting the fact that, despite the skepticism about advisers, the necessity for world class investment advice is still in demand.

We're building Lifetise to show people what to do with their money at every stage of their life to achieve their goals:

- how to buy a home

- how to afford a family

- how to afford a wedding

- how to prepare for retirement

How to afford it all!

Substantial accomplishments to date

Sept 2017: Beta version of our Homefinder product is released via Reddit.

Jan 2018: Updated version of Homefinder trends on the main UK subreddit. This is picked up by the Evening Standard & Refinery29 who tell their readers it can tell them "where you can afford to buy a home in seconds."

May 2018: First version of our Childminder app is released via Reddit.

June 2018: Stylist Magazine publishes article by us about how to manage childcare costs as working parents.

Dec 2018: We are chosen to join Accenture's Fintech Accelerator, with partners from over 35 global financial institutions interested in partnering with startups.

Mar 2019: Lifetise graduates from Accenture's Fintech Accelerator. As a result, we are now negotiating a licensing deal with a major UK bank. Since completing the accelerator over 12,000 people have used our apps.

May 2019: A post about Lifetise becomes one of the most popular EVER about UK personal finance on Reddit.

June 2019: The Evening Standard runs a feature length article on Lifetise, saying we have created “tools to help you understand your money better and make plans that will let you afford the things you want in life”.

A podcast interview by our CEO, Caroline, goes to No1 on the Apple charts, even beating the mighty Tony Robbins!

Dec 2019: Selected to join TechHub's Accelerate program. Lifetise is featured in Forbes as a financial wellness platform. Launch commercial partnerships with Trussle and Habito for mortgages.

Mar 2020: We're named within the "Most Influential Fintechs of 2020" list by Financial Technologist Magazine.

Our CEO, Caroline Hughes, is named as "a Rising Star of Fintech" by Innovate Finance, Fintech's global trade body.

Monetisation strategy

Lifetise has three intended revenue streams:

1. Commission from marketplace product providers. We currently have commercial partnerships with Habito and Trussle for mortgages. We plan to add providers for insurance, estate agency, savings accounts, credit cards, investments, pensions and more.

Imagine a comparison site that knows exactly what you need, when you need it and matches you to the right product at the right time.

2. White label platform licensed to banks, investment managers and insurers. Lifetise is in conversations and has received interest from global financial institutions in the UK, Europe and Middle East.

3. Lifetise will introduce a premium service where users pay a monthly subscription for us to monitor and manage their finances over the long term to achieve their goals.

Use of proceeds

This crowdfund is part of a larger seed round, led by expert fintech angel investors.

We will use the funds for:

Product development (57%) - hire additional developers to build the full platform that will allow you to plan all your major goals over an entire lifetime.

Growth (32%) - establish Lifetise as a strong consumer brand and build on our validated channels to market across social, SEO and partnerships.

Operating costs (11%) - running costs, regulatory and accounting costs.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £3,999,888

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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