Benjamin Döpfner, a young startup entrepreneur has disclosed his intention to assist other startups through his organization, Vesto. The treasury management startup will help other startups nurture their runway by putting to work idle cash.
“Ideally, companies should never have a dollar of idle cash,” Benjamin stated. “Yet there are trillions, floating around in near zero-interest checking accounts. We want to eliminate idle cash, and help companies put it to work.”
According to the young entrepreneur, “newer startups are tackling corporate treasury from a crypto angle, leaving company funds at high risk, while others tie money up into ‘one-size-fits-all’ pooled accounts limiting control…with minimal customization for companies.”
Vesto is also registered as an investment advisor under the U.S. Securities and Exchange Commission (SEC).
Benjamin explained that the Vesto app works in a similar manner as a Robo advisor. However, the offerings available on the platform go further. “Our investment selection and management process are very tailored and high-touch compared to a Robo experience,” he noted.
Vesto will launch to the public today and will announce the $2.8 million successful seed round.
The treasury management startup generates its money through its AUM (assets under management) based fee charges. Vesto’s target customers are Series A through Series D companies. However, the startup seeks to open up its offering to pre-seed-stage companies, enterprises, small businesses, and nonprofits in the long run.