Tel Aviv-based stock research platform TipRanks has secured $77m from a recent financing round led by Prytek and More Investment House.
Founded in 2012, TipRanks measures and ranks anyone providing financial advice through its Financial Accountability Engine. The software uses natural language processing algorithms to track any event published online as well as to analyse and aggregate financial data from a range of online sources. The platform then exploits these datasets with technical and fundamental indicators to create advanced investment tools for investors.
According to TipRanks, the Engine has been adopted on Wall Street for ranking analysts and is used by most banks.
TipRanks is currently located solely in Tel Aviv, however, through the new investment, the company plans to double its workforce as well as open new sites in New York. To date, the firm has 60 employees.
TipRanks CEO Uri Gruenbaum said, “In addition to being the only company that ranks analysts based on their performance rather than the prestige of the bank they work for, we are the only company that makes aggregated analyst ratings available to retail investors. This gives investors access to information that would otherwise cost tens of thousands of dollars each year.
“We have leveraged our popularity and strong tech capabilities to launch more tools and datasets. This has given the average Joe and Jane access to the same data as the biggest asset managers. We analyse all finance related news, corporate filings, analyst research and social media to provide retail investors with the same level of information that only institutional investors can afford.”
TipRanks saw subscription sales grow by 300% over the past year and the firm has over four million monthly users. In addition, it has an enterprise solution used by a range of financial institutions such as eToro, Bank Santander and Nasdaq among others.
Gruenbaum continued, “Our platform helps millions of investors evaluate ideas and make data-driven decisions. We plan to use the new funding to create and acquire more exclusive datasets that will give retail investors a real edge. We will also expand our coverage to other asset classes and markets.”
Copyright © 2021 FinTech Global
