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Apps / Finance / Investing

iBillionnaire mobile app has index fund that follows self-made wealthy

iBillionaire builds an index based on the investments of self-made billionaires.

iBillionaire cofounder Raul Moreno, with their app. Photo provided by iBillionaire.

iBillionaire, a startup housed in NYU Poly‘s Dumbo Incubator, recently broke 100,000 downloads. The iOS and Android app allows you to track your portfolio and guides you in investing like a billionaire.

In one of its financial tools, the company has made it possible to put your billionaire imitating investing on autopilot by investing in their iBillionaire Index. The index fund bases its picks on the SEC filings of self-made billionaires. The index was recently licensed by Direxion.

In an email to Technically Brooklyn, cofounder Raul Moreno told Technically Brooklyn that licensing their index is their core business. He also described what he thinks makes the company’s marriage of investment and tech work well:

Having the right team with industry expertise in both finance and technology is key. I see other companies where you can tell the team is only finance people or only tech people, and the products, in my opinion, are always missing something.  A specific case, we knew that only having the information is not enough, because what matters is what you do with the information: which is trade. The information has to be 100% correct and has to be organized in a way that can be checked. We have the issue of organizing by CUSIP (which is the ID of securities), but those IDs change over time so our database has to consider this. If there is a merger, acquisition, a privatization, how does our backend handle this? All these issues are solved with a multidisciplinary team.

iBillionaire has three cofounders. Moreno worked in Asset Management, another founded a payment system in Latin America (which also offered experience with financial regulators) and the third worked in mobile apps for several years.

The company is a team of six right now and it is looking for a designer.

 

Series: Brooklyn

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