The CEO of Global Wealth Group Plc, Michael Ioannides, describes the recent investment by the Bank of Cyprus in Wealthyhood as a huge and also positive development, noting that following this event, the company is focusing on its expansion in the rest of Europe.
It is recalled that, as announced, the Bank of Cyprus signed an agreement with GlobalWealth Group PLC, through which it becomes an investor and strategic partner in Wealthyhood, an affiliated company of the Group.
According to the same announcement, the participation of Bank of Cyprus in the share capital of Wealthyhood will be made with a total investment amount of €6,000,000, while the price per share of this capital increase amounts to €87.1.
It is noted that after the execution of all corporate transactions of Wealthyhood, GWG is expected to end up owning 25.31% of the issued share capital and Bank of Cyprus 26.45%.
The importance of investment
Speaking to InBusinessNews, the CEO of Global Wealth Group Plc, Michael Ioannides, underlined that "for us it is a huge and positive development, just as we emphasised in our announcement, because in this way we will manage to offer this technology, this opportunity, to every home in Cyprus."
Another important point, he added, "is that we are currently focused on expanding the company to the rest of Europe, as well as accelerating the technological expansion of AI Copilot, the new service that is planned."
Regarding the company's next goals, Ioannides indicated that "after the development, it is to accelerate the provision of the service in Cyprus and the rest of Europe."
The four pillars of the platform
In statements to InBusinessNews, Wealthyhood Co-founder and CEO Alexandros Christodoulakis stated that the platform basically has four main pillars: education, savings, investment and automation.
Regarding education, he explained, "We currently have over 50 guides, whether for beginners or more experienced. Our Learning Hub features daily news, expert analysis, educational guides and a glossary, with short summaries and tools."
Regarding savings, Christodoulakis said that "there we help users put some money aside and get a good interest rate," while in relation to investment he pointed out that "through the platform someone can buy shares and EFTs from all over the world for just one euro, without commissions."
As he further explained, "We do not charge any commission for the stocks available in the application, as well as for EFTs. The only charges imposed are for currency conversion, such as converting from euro to dollar."
Additionally, in the field of investment, he continued, it concerns the portfolio builder, through which users can create their own portfolio.
Regarding automation, Christodoulakis said that "through the platform, the user can, with one click, automatically transfer money from their bank account for investments and savings."
Asked about the number of users of the platform, he said that users from the United Kingdom are around 60,000 and from Greece over 10,000, in just four months.
Also read: Panicos Nicolaou: The importance of investing in Wealthyhood - "It's an app with potential"
(Source: InBusinessNews)
