When you open Qooore, the novel millennial and gen-z focused investment app, it’s like pulling a page from the pop art handbook. There are bright colors, geometric shapes, large fonts, and graphic lines.
This is hardly unintentional on the part of the founders. With inspiration from art and fashion and combined with the tenets of gaming, Qoore is on a mission to change the way young people invest their funds.
The idea came when the founders, Igor Sheremet and Stas Khudiakov, realized the gap in the way these generations are investing, which is that they are not at all.
They attributed this to them being famously cash-strapped and touted as one of the unluckiest generations alive. While they’re the most educated generation ever seen, Millennials have had significant hurdles to overcome like being born into a recession, living through the subsequent recovery, the September 11 attacks plus the Great Recession of 2008, all of which have taken an economic toll. The result is that their earning ability has been less than any generation before them and has made them debt-laden without recourse. Gen Z isn’t far behind and share many similarities to the generation before, according to Pew Research Center, including similar financial instabilities.
Although saving is top of mind for many millennials after seeing their parents’ generation suffer through recessions, they are still saddled with debt (mostly from student loans) making them hesitant to take the money they do have and put it towards investing.
Recognizing these generations are less willing to part with their money for something as risky as playing the stock market, Sheremet and Khudiakov studied they way they interact with society, which is through technology. So they set out to create a platform for them to invest safely and intelligently while also educating themselves about the basics of finance all in a visual and experiential language they understand.
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They took their cues from fashion collaborations and brands that appeal to these generations, “Like the cult world of sneakers, like Supreme,” says Sheremet. “They were born into a world with collaborations and loud brands so being colorful and bright appeals to Millennials and Gen-z, and we want to be colorful and attractive like the collaborations they buy into. It’s informed the way we approached the platform.”
These generations were also born into a life where they have no recollection of a time before smartphones, particularly Gen Z, so swipe culture is also an integral part of the platform.
“It’s not like other investment apps that use graphs and tables which can be daunting, excluding and scary for everyone, especially these generations,” explains Sheremet. “We believe they learn in clearer, more entertaining and gamified ways. Add to that the immediacy and timing aspects they’re used to when something new drops at a place like Supreme and we’ve incorporated all the elements they are accustomed to.”
How is Qooore gamified? Through raffles, rewards and achievements which adds entertainment to the experience. The gamification also acts as roadblocks designed so users become educated about investing along the way, minimizing the risk of loss. They do this by creating limitations on user trading opportunities and are even limited by the number of shares they are able to invest.
To advance further in their investments, users have to unlock and pass tests based on the education the app provides, “There are levels to be achieved so, for example, you can’t do margin trading before you do fractional shares,” he explains, and when users see their portfolios growing, more professional instruments will be able to be accessed. It is a protection against mistakes.
Sheremet recognizes he and his partner are up against popular trading apps like Robin Hood and the lesser-known, Public, but he is proud to admit, “For now, we are doing something new, that’s true, unlike any other investment app on the market.”