FutureMoney

FutureMoney is a Boston-based financial technology company founded in 2023 by fintech veterans Philip Barrar and Dave Fortin. The platform is designed to help families invest for their children's futures and build generational wealth through a simplified mobile application. Barrar, a serial entrepreneur who previously founded Moka Financial Technologies, was inspired to start FutureMoney after becoming a father and recognizing the power of compound interest for long-term savings.

The company's core offering is the Junior Roth IRA™, a proprietary service that utilizes a 529 plan which can be rolled over into a Roth IRA. This structure, made possible by the SECURE 2.0 Act, allows for contributions without the child needing to have earned income, a key differentiator from traditional Custodial Roth IRAs. The account enables money to grow and be withdrawn tax-free for qualified distributions, with a lifetime contribution limit of $35,000 while the child is a minor. In addition to the Junior Roth IRA™, FutureMoney provides options for general investment accounts, 529 savings plans, and traditional and Roth IRAs for adults.

FutureMoney operates on a subscription fee model for account management and targets parents of all income levels, aiming to make investing more inclusive. The platform also offers white-label solutions for financial institutions looking to provide embedded, family-focused investment products to their clients. In October 2024, the company announced it had raised $2.5 million in a pre-seed funding round from investors including Serac Ventures and Hustle Fund. All investment accounts are held with Pershing | BNY Mellon and are protected by SIPC insurance up to $500,000.

Keywords: Junior Roth IRA, 529 plan rollover, family investing, generational wealth, micro-investing, children's savings, tax-advantaged investing, fintech, Philip Barrar, investment platform, SECURE 2.0 Act, custodial accounts, family finance, wealth building, automated investing, retirement savings for kids, college savings, financial planning for children, Boston fintech, Dave Fortin