Grove raises $2.1M to find the sweet spot between old-school financial advisors and chatbots
Summary
The startup was founded by Chris Hutchins, who co-founded Milk with Kevin Rose then went on to be a partner at Google Ventures.When users first sign up for Grove they are paired with a Certified Financial Planner who will review their situation and create goals moving forward.They also make specific recommendations about how you manage your money, like telling you if it’s more cost effective to use your savings to pay off your student loans ahead of schedule.Part of the reason Grove can give such accurate advice is that it asks users to connect as many existing financial services as possible to figure out how you spend and save your money.That being said, Grove still thinks its main revenue source will be the $600 per year subscription, meaning they don’t plan on pushing users to sign up for additional services or generating referral fees by steering them towards a certain financial product.