While many startups have the long-term aim of going global, real estate investment firm Wealth Migrate already boasts a presence on five continents with investors in 84 cities on its globally compliant platform. At the African FinTech Awards at the Finance Indaba Africa 2016 in October, Wealth Migrate CEO Scott Picken explained how his company aimed to solve one of the world's most pressing challenges: bridging the global wealth gap. While 49% of the world's wealth is held in real estate, only 12,9% actually have access to property and less than 1% retire wealthy, according to Scott.
Established in 2010, Wealth Migrate aims to make investing in high yield, institutional quality, first world real estate accessible, safe and affordable for anyone online, allowing users to earn dollar-based income and capital growth. It does this by leveraging big data, global teams on the ground, and the social power of crowdfunding.
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Scott outlined his vision for the company and his aim to change the lives of at least one billion people by 2020:
"If you change your habits you will change your financial destiny. Nelson Mandela said money won't create success, the freedom to make it will. What previously cost millions of dollars, we dropped the barrier to entry to firstly $100 000, then $10 000, we've tested a $100 and are well on a way to achieving our mission of getting it to $1 and empowering a billion people by 2020. We focus on emerging markets and believe passionately that the solution to this problem lies in Africa, India and China, the reason being that we understand the needs we understand the changing environment and the chaos."
The African FinTech Awards celebrate innovators that shape the future of finance, and acknowledges the work these companies are doing to have a positive impact on their target markets. The nominees were chosen by a panel of industry experts, stakeholders and investors from all over the world, who selected the three finalists in six categories to deliver their pitch at the Indaba.
The Finance Indaba is the biggest annual event on the continent for financial managers and specialists who are seeking partnerships to drive progress. Thousands of delegates will gain valuable insights into realising financial performance and growth, becoming more efficient and accessing funding, among a host of other opportunities from leading players in financial services.
