Digital investment app Gotrade has come out of stealth mode, following the close of a $7m investment.
The company’s investment was led by LocalGlobe, with commitments also coming from Social Leverage, Y Combinator, Picus Capital, Raptor Group and Rapyd.
Gotrade is now available to users from 150 countries. Despite being in stealth, Gotrade said its app launched three months ago and claims to have one hundred users from 145 countries. Currently, its platform is only available on an invite-basis, but anyone can be invited if they sign up on the app.
The company, which was founded in 2019, hopes to make investing available to everyone. It claims millennials around the world still face barriers whilst trying to back US stocks, Gotrade eas designed to solve this.
Its mobile app enables everyone to invest as little as $1, with other features including no commissions, custody fees, dividend fees or inactivity fees.
The idea for the app came when its co-founders Rohit Mulani, Norman Wanto, David Grant and Andrew Haryono wished to invest in the US market from Singapore. In its blog post it said, “we jumped through several hoops which included highly complex platforms, a stack of paperwork and branch visits during highly inconvenient banking hours. Eventually we were hit with two immovable barriers.”
The first issue were the fees, which were up to 0.18% of the trade value with a minimum of $25. The second barrier was price, with FAANG stocks costs approximately $7,000. Is said, “There was no way to build a diversified portfolio with the stocks we wanted to own without a significant amount of money.”
The team went out to find a solution to this problem and enable everyone to invest in US stocks.
Copyright © 2021 FinTech Global
