ImpactAlpha, August 19 – Newday joined the “impact investing for the masses” movement last year, with a mobile-only platform that lets individuals commit as little as $5 to thematic impact impact portfolios. Newday is broadening its client strategy to include advisors as well.
Financial services firm Ladenburg Thalmann backed the firm, and will extend Newday’s platform to Ladenberg’s independent advisory and brokerage firms.
Shakeout highlights an elusive factor in impact investing platforms: the impact
Already serving advisors are Ethic and OpenInvest, which also pivoted from a retail strategy (see, “Shakeout highlights an elusive factor in impact investing platforms: the impact”).
Newday also is building out a conscious banking platform, as are other investor-backed impact neo-banks, including Aspiration and GoodMoney.