Financial education platformApptuto recently announced that they have raised $500,000 in angel funding, led by 500 Startups, to reinvent the preparation for accreditation exams.
The funding round also included strategic angel investors from the US, Europe, and United Arab Emirates, as well as executives from Google, HSBC, Macquarie Bank, Delta Partners Group, and Roland Berger.
Apptuto currently offers a tutoring and exam prep platform for Level I of the Chartered Financial Analyst (CFA) Program, one of the more demanding certificates in the industry, with candidates being recommended to dedicate 300 hours towards studying.
Apptuto founder and CEO Nicholas Cooper designed and created the education platform after his own frustrating experiences in test prep:
"As a CFA Charterholder myself, I was unhappy with the quality of existing tools, and lack of innovation that had occurred in the space when I was studying for the exam – I wanted to create something better and help other students,” Cooper said in a statement. "Apptuto aims to increase student engagement and motivation through the use of gamification and social learning. By being truly mobile, users can study anywhere, anytime, increasing their productivity and optimizing their free time."
The mobile app looks to help students study in an anytime, anywhere setting in order to utilize their time more efficiently. Apptuto uses gamification techniques - which have been shown to be effective in encouraging students to study - and can help working professionals stay motivated as they prepare for their exams.
Apptuto will use their newfound funding to help grow its marketing and development capabilities in San Francisco, launch Level II & Level III of the CFA Program prep, and develop an enterprise platform to assist tutors and HR managers by providing insight and analytics into student cohorts. Long-term, Apptuto aims to expand beyond the CFA Program - firstly with other finance exams, before covering other standardized tests.
Since launching in 2014, Apptuto’s user base has grown by more than 30% month-to-month. Apptuto is also a member of the CFA Institute Prep Providers Program, and is currently in discussions with Fortune 500 companies for Enterprise partnerships.