User experience the key to millennial and Gen Z financial engagement and wealth building
NEWPORT BEACH, Calif., June 28, 2022 /PRNewswire/ — Real estate wealth tech platform Elevate.Money (Elevate) today announced the debut of its iOS app on the Apple App Store, bringing its fractional real estate investing platform to both desktop and mobile.
The new app was conceived by co-founder Alex Cruttenden, former product designer for the popular investment app Acorns. The app’s design features a modern user experience, simple typography, dark mode, snackable infographics and gamification. The result is an easy-to-use, sleek, Venmo-like interface that aims to appeal to millennials and Gen Z, who are projected to overtake baby boomers and control a majority of U.S. wealth by 2030.
"America’s younger generations deserve a lot of credit, they are focused on investing at a much earlier age than their predecessors, and rightfully demand access to the same opportunities that were previously reserved for millionaires and institutional investors," said Cruttenden.
"Our customer data backs this view, with a 38-year average age and a $400 average customer account size. Additionally, 30% of users on our platform turn on our auto-invest feature which allows them to incrementally build their real estate portfolio over time" Cruttenden continued. "These young investors have made their intentions clear, and it’s our responsibility to build success tools which they can relate to. This is why we created our platform – to democratize wealth building through real estate, with investments starting at just $100."
The platform’s design was a key component of Elevate.Money’s vision from the start. "There’s a clear connection between an engaging user experience and educating these new investors on the benefits of real estate ownership to help build long-term wealth," Cruttenden said.
Elevate.Money offers the same type of Real Estate Investment Trust (REIT) investment as Blackstone, one of the largest real estate owners in the U.S. The difference is that Elevate is specifically targeting the next generation of investors who’ve been conditioned to do practically everything over a digital interface, including managing their money.
With the new iOS app, users will be able to easily sign up in four steps and monitor their investments on a daily basis. The app will feature an updated version of Elevate Lens+, the company’s proprietary financial model used to evaluate real estate investment candidates, along with educational content and property acquisition updates.
Elevate.Money, started by co-founders Harold Hofer, Alex Cruttenden and Sachin Jhangiani, is on a mission to make real estate investing accessible to more investors. In September 2021, Elevate Money launched its platform allowing users to purchase shares of its private Real Estate Investment Trust (REIT) with as little as $100. While dividends are not guaranteed and past distributions are not indicative of future distributions, in October 2021, the company commenced paying monthly dividends equal to 6.5% annualized. Learn more at www.elevate.money.
Investing in Elevate.Money REIT I’s common shares is speculative and involves substantial risks. The "Risk Factors" section of the offering circular contains a detailed discussion of risks that should be considered before you invest. These risks include, but are not limited to, illiquidity, complete loss of invested capital, limited operating history, conflicts of interest, blind pool risk and any public health emergency. STNL investments carry additional risks if the sole tenant defaults or goes bankrupt. Further, there is no assurance that Elevate.Money REIT I will be able to achieve its investment objectives or to access targeted investments like those identified.
Distribution payments are not guaranteed and may be modified in the future at the discretion of Elevate.Money REIT I’s Board of Directors. Distribution payments may be partially supported by fees waived by the REIT’s advisor and real estate services provider. Any such waived fees will not be reimbursed by the REIT at a later date. Distribution payments will not consist of a return of shareholder principal nor borrowings.