In a recent development this week, investors have financed a new stock trading app that competes with Robinhood as the fallout over the rage in GameStop shares is here to stay.
This one is a social investment app from London, named Invstr and it has closed a $20 million (nearly £14.4 million) Series A in the form of a convertible offering. The app previously raised $20 million (nearly £14.4 million) from two seed rounds from investors including Ventura Capital, Finberg, European angel investor Jari Ovaskainen and Rick Haythornthwaite, former global chairman of Mastercard.
The company, which also has offices in New York and Istanbul, plans to use the new capital to launch new brokerage and analytics tools and a portfolio builder.
“There is a revolution going on in retail investing. Invstr is here to support that revolution against the new and old dark forces of the financial establishment. We’ve taken the best investment techniques from the rich and made them available to everyone. We help our community members understand their individual investing style and performance, choose stocks that suit their portfolios, share ideas publicly, in groups or private messages, test out their strategies in Fantasy Finance® before they take any real risk and then perform all of their banking and brokerage needs in a single place,” said Kerim Derhalli, founder and CEO of Invstr.
Sets new benchmark for consumer finance apps
Founded in 2013 by Kerim Derhalli, Invstr sets a new benchmark for consumer finance apps with its Investment tools and analytics. These help investors make smart investment decisions and state-of-the-art commission-free banking and execution services.
Unlike other investing apps such as Robinhood, Invstr has established an educational platform with an investing Academy. It ensures users understand the markets and make informed decisions before they actually invest.
The advanced analytics is available within the app along with the educational resources.
Invstr provides these new investing services in partnership with Apex Clearing, which formerly provided execution and settlement services to Robinhood. The digital banking services are being offered in partnership with world-class financial institution Vast Bank. Also, Invstr user data is also protected by technology from Okta, a secure identity platform used by companies and organizations including the Department of Defense and T-Mobile.
New, advanced app
Invstr’ss popular Fantasy Finance game offers the ability to manage a virtual $1 million portfolio and learn about the markets in a risk-free way. It lets users open Invstr+ accounts to enjoy benefits such as commission-free trades of stocks, secure digital banking in minutes, the ability to save, spend or invest their money using their Invstr+ accounts and more.
There is a new Invstr Pro version that is free for 90 days and then costs a subscription fee $3.99 (nearly £3)/month. Invstr Pro subscribers can check their Invstr score, stats, each stocks’ Invstr score, and access live data about stocks, commodities, currencies, crypto and other instruments. Invstr is pre-releasing the iOS version of the upgraded app to meet retail demand.
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