NYCE Launches 'Robinhood Of Real Estate' On App Store

NYCE, a fintech geared towards real estate investing, formally announced the release of its investment app.

What Happened: According to some projections, median black wealth—measured by net worth—is projected to drop to $0 by 2053.

Founded by Martin Braithwaite, a soccer player for FC Barcelona, and Philip Michael, author of “Real Estate Wealth Hacking: How To 10X Your Net Worth In 18 Months,” NYCE is looking to mend wealth disparities between different classes and demographics.

“The number one driver behind the racial wealth gap is absence of real estate ownership in minority communities,” CEO Philip Michael said, adding that NYCE created 2,000+ first-time real estate owners to date through its two public offerings.

Through a newly launched Robinhood-like app, micro-investors can now buy into real estate for $100.

“Wall Street is talking a good game and I’d like to see them actually come through with programs that help build wealth vs. bathing in fees from non-financially savvy customers," he said.

Why It Matters: The development comes after the company raised $1 million through the Regulation CF, on the Wefunder and Republic investing platforms, and grew to $500 million in self-funded assets, including its recent Hacker House by Temple University.

With the recent app launch, the company is on track to hit 100,000 new investors in 2021.

“A lot of issues you see in America are really manifestations of classism,” CEO Philip Michael told Benzinga last year. “Simple shifts in individual behavior could reduce the wealth gap we have today.”

Historically, real estate is a safe, long-term investment attributed to the wealth of over 90% of U.S. millionaires, according to Michael. Through NYCE, the so-called “Robinhood of Real Estate,” all Americans can now invest in an ETF-style diversified, $500 million real estate portfolio.

“There are similarities but it’s not an apples-to-apples comparison. Robinhood is a marketplace that facilitates transactions,” Michael said. “We actually own and self-fund our real estate so we have a bit of a luxury there.”

The app is available on the App Store and Google Play.