It has also dropped the requirement to invest at least another €50 per month, Birdee said on 8 June.

The company charges an annual 1% management fee, a spokeswoman told Delano.

Birdee works by asking investors a series of questions online to create an investment profile. The roboadvisor then suggests a portfolio, which “are mainly made up of” exchange-traded funds. “A majority” of the funds follow socially responsible investment criteria, according to its press release.

The company aims to draw in first-time investors who may have been put off by the minimum investment during the present “period of high uncertainty”, Gaël Minon, director at Birdee, stated in the announcement.

In addition to direct clients, Birdee resells the service through other financial institutions. The company’s website said it has “more than 20” such B2B users.

Birdee was acquired by BNP Paribas Asset Management in 2017. The fintech currently employs 10 people, the spokeswoman said.

The company does not disclose the number of direct clients it has, but “with our professional offer (B2B2C) we have more than 15,000 and more than €100m in assets under management,” she stated.

The new accounts become available on 12 June.