US-based personal financial services company The Financial Gym has raised $6m in a Series A funding round led by investment firm VanEck.

The company’s existing investors Alpine Meridian Ventures and Brooklyn Bridge Ventures also participated in the funding round.

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The company intends to use the funds to set up a total of eight new retail locations across the US this year.

As part of the expansions plan, it will open locations in Washington, DC, Los Angeles and Brooklyn locations in the first quarter.

It plans to open locations in Hoboken, San Francisco, Atlanta, Austin and Chicago by the end of 2020.

The Financial Gym founder and CEO Shannon McLay said: “Americans are in desperate need of guidance when it comes to managing their personal finances. A large part of the problem is the limited accessibility to professionally trained financial advisors.

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“This new round of funding will allow us to open more retail locations, which gives new and existing clients the opportunity to better achieve their goals through increased interaction with Trainers while promoting an empowering mind set around money that we aim to instil in everyone we work with.”

Founded in 2015, the company served over 4000 clients across 50 states. It claims that 90% of the clients achieved their financial goals in just one year.

VanEck CEO Jan van Eck said: “A number of the investors in our funds purchase shares through online platforms, but they still need access to savings and tax planning advice.

“The Financial Gym helps meet those needs in a friendly and innovative way, and we’re excited to be a part of the next phase of the company’s growth.”