Ladenburg Innovation Lab, launched two years ago at the Miami headquarters of Ladenburg Thalmann Financial Services Inc., has acquired an equity stake in Newday Financial Technologies Inc., a San Francisco-based fintech start-up, according to a news release.
Financial details of the transaction were not disclosed.
Newday was established in 2017 by founders Alexander Meek and Anthony Randazzo. For as little as $5, users can invest in any of the seven funds available on the Newday platform, which invest according to United Nations' sustainable goals.
“Our investment in Newday reflects our belief that millennials and the generations that follow will continue to … seek out technology-enabled entry points into the world of investing … that align with their values,” said Dan Sachar, vice president for enterprise innovation at Ladenburg and head of the Ladenburg Innovation Lab.
Ladenburg’s investment in Newday is its second since investing in Track Technologies in July 2018.