Retail investing app Streetbeat scores seed funding

Free investing and trading app Streetbeat has collected $10m in its seed funding round, which was led by TTV Capital.

Other commitments to the round came from Seraph Group and AAF Management.

Streetbeat is on a mission to create a marketplace of trading strategies that provides users with personalised lists of recommendations based on their interests and risk profiles. It combines online trading with robo-advice that leverage advanced data-driven trading strategies that are vetted by professionals.

When it launches, there will be two strategies, but Streetbeat will release more in the future, including cryptos and EFTs.

The FinTech company claims its client base is expanding by 18% each week and has attracted over 35,000 users to its 30-day beta launch.

Streetbeat founder and CEO Damián Scavo said, “Today’s brokers make money any time the user makes a trade, not when the user makes money. Manual trading is something that professionals stopped using in the ’90s, other than on rare occasions.

“Another issue that we see is copy trading of individuals without any type of due diligence on their strategies or access to exclusive data. These are problems that Streetbeat solves. Most of the investments in the professional trading world are automatic and data-driven, and that’s what everybody deserves to use today.”

Last week, UBS re-entered the robo-advisory marketplace through the acquisition of Wealthfront for $1.4bn. This is the firm’s second attempt in the sector, and one that other players in the market are optimistic about.

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