A Milan-London startup, Euklid, plans to move the company’s operations to London to benefit from the city’s ecosystem. The company operates as an independent financial adviser online, joining the robust world of fintech startups.
The company, founded in 2015, developed an algorithm that accurately predicts bitcoin fluctuations to maximize investments in crypto-currency. The company’s technology utilizes machine learning with transparency and blockchain transactions.
Euklid’s technology is advanced enough to optimize and adapt to market fluctuations without any human interaction.
The startup reported a 132% gain on their investments in the past year using their system.
No managing fees are taken by the company. The transparency is a major draw for investors that funded the company’s RAIF in Luxembourg and expansion to the UK. The company takes a 20% cut of the profits from clients.
The company’s partnership with Bankable provides insight into the company’s future plans.
Bankable, also part of the Level39 startup group, offers traditional banking products, including checking accounts and debit cards. The partnership will allow Bankable to run their entire operation using Euklid’s AI.
Euklid’s original base in Milan is common. Fintech companies choose Milan because of its financial centers. The company chose to move its operations to London because growth in Italy is stagnant. The company sees greater potential in the UK due to less bureaucracy.
The company closed its first seed funding round in November. Two unnamed industry professionals invested €375,000 in the company for a 3% – 4% stake in the company. The company was valued at €10 million.
Euklid Italian will provide bitcoin trading services to clients. Euklid UK will allow clients to trade stocks and indexes. The company further announced the addition of Paola Bonomo to its advisory team in November.
The company’s AI solution has the potential to offer staff-free banking solutions to automate the banking industry.