After serving as the chief information officer of the New York Stock Exchange, the CIO of the International Securities Exchange and the CTO of crypto company Gemini, Rob Cornish decided to start his own company that would simplify personal finance. He created a holistic super app that combines a high-yield checking account, investment banking and 24/7 customer support teams.
Cornish announced Wednesday that his new company Fierce has officially launched with $10 million in seed funding after more than a year in stealth. The Fierce app is currently available for iOS users and will be accessible on Android later this year.
Fierce’s high-yield checking account is currently offering an interest rate of 4.25 percent, and it includes a no-fee debit card that can be used at more than 55,000 fee-free ATMs. The platform also allows users to invest by purchasing shares — including fractional shares — of stocks and exchange-traded funds, or ETFs. Fierce users can also earn passive income by lending out the securities of stocks they already own through a practice known as fully paid securities lending.
Because Fierce is designed to simplify a user’s financial journey, users can link all of their existing financial accounts to the app and see their total net worth on one dashboard. Fierce also offers U.S.-based customer support teams that are available 24/7 by phone, email or chat.
“Fierce is a customer-focused, feel-good finance app,” Cornish said in a statement. “We are truly mission-driven in our effort to bring the best of fintech to people, so we built an incredibly advanced platform with a simple UX to give as much yield as possible to our customers. Our goal is to help users increase their wealth while enjoying an empowering, positive experience on the app.”
The seed funding round attracted investment from Pendrell Corp., AP Capital, Wheelhouse Digital Studios, Space Whale Capital and other angel investors. Fierce intends to use the funds to grow its team, acquire more customers and further its goal of bringing the benefits of the app to as many people as possible.
Fierce currently has 18 employees, and Cornish expects to double the team by the end of the year. Specifically, the company plans to expand its product, design and development teams as it grows its product offerings.
In the near future, Fierce will add regulated crypto trading to its investment options. Later this year, the company will launch a credit card that automatically delivers 1.5 percent cash back on all spending without the extra work of managing or redeeming points. Fierce eventually plans to offer personal loans, mortgages and insurance.
