Swell Investing, an investment platform founded in 2017, has announced its intention to end operations Aug. 30, 2019.
The firm was founded on the principles of green investing; the platform enabled investments in renewable energy and healthy living.
“Our journey began as a mission that every dollar you invest would have a positive impact on the world. Together, we built a product that allows you to invest in companies innovating to solve global challenges," the company said in a statement posted on its website.
The firm said it's ending operations due to lack of scale.
“While we’re incredibly proud of what we’ve accomplished together, Swell was not able to achieve the scale needed to sustain operations in the current market. As a result, we will be closing and our last day of operations will be Aug. 30, 2019.”
Swell investors can no longer make deposits or open accounts; existing investments and positions will be closed out, with the proceeds sent to customers via ACH or check, according to Swell.
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