Investing app Matador said to raise $2m in seed

Social investing platform Matador has reportedly picked up $2m in seed funding.

The investment was led by US-based venture capital firm GreyCroft.

Matador is a mobile-based investing platform which gives consumers a safe and simple place to buy and sell stocks, without having to pay commission fees. ?Through the app, users are able to connect with friends and family to see what opportunities they are investing into, or they can connect with the community to see what stocks are trending.

The platform uses bank-level security with AES 128-bit encryption and TLS 1.2 to secure data in transit. Securities of up to $500,000 held by app users are protected by the app.

GreyCroft has invested into a number of FinTech companies over the years, including other retail investing solutions. The firm took part in the $23m funding round of micro-investing app Acorns in 2015. US-based Acorns is a mobile-based micro investing app which automatically invests in to a low-cost diverse portfolio of exchange-traded funds.

Earlier in the year, GreyCroft closed its fifth flagship fund on $250m in order to support more seed and Series A-staged companies. The firm has been very active in the FinTech market, having recently led the $11m Series A round of worker compensation insurance company Pie Insurance.

Last year, two-thirds of funding to the WealthTech sector went to companies developing either online banking or personal finance solutions, according to data by FinTech Global. Retail investing and trading companies received the third biggest share of capital, receiving around 19 per cent of the capital.

Copyright ? 2018 FinTech Global

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