Lightyear, the commission-free investment app, has launched in Ireland and 18 other European countries after raising $25m in a recent funding round.

The fintech was founded in October 2020 by former Wise employees Martin Sokk and Mihkel Aamer aims to make the process of investing in stocks easier for Europeans.

Based in London and with offices in Estonia, Lightyear will offer customers in Ireland commission-free trading in over 3,000 global stocks and multicurrency accounts – a European Robinhood of sorts.

Lightyear received its European license earlier this year, just a few months after its launch in the UK. Now, the investment app will be available for download in 19 European countries, including Ireland, France, Germany, Italy, the Netherlands, Portugal and Spain.

The significant expansion of Europe’s latest ‘neobroker’ was possible because of a $25m equity round led by Lightspeed Venture Partners. Seed investors Mosaic Ventures, Taavet+Sten and Metaplanet, among other private investors, also backed the Series A round.

Richard Branson, the British billionaire behind Virgin Group, has also taken an undisclosed stake in Lightyear.

“For too long, financial markets have been overly complex with high barriers to entry and confusing jargon,” Branson said in a statement shared with CNBC.

“Martin, Mihkel and the Lightyear team are lifting the lid on the world of investing – making it more transparent whilst empowering people through education – to choose the products which are right for them.”

Since its UK launch last year, Lightyear says it has tripled its stock universe and added a suite of new products and features to bolster its data and investment education offerings on its app.

“Nine months ago, we launched our app in the UK to initial waitlisters. Fast forward to now, and we’ve secured a European licence that enables us to launch across the continent and raised one of the largest Series A rounds in 2022,” said Sokk.

“There is no single neobroker offering products across the continent right now, and the potential is enormous,” added Lightspeed partner Nicole Quinn.

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