Fintech startup raises $90 million for stock trading app

Fintech startup Shares has successfully raised US $90 million in funding for its stock trading app, further solidifying its position in the market.

Currently only available to residents in the UK, Shares is set to expand its services across Europe following the receipt of authorization from the regulator in France. Leveraging from the EU passporting rules, Shares aims to tap into new markets in various European countries.

Unique social twist for stockmarket trading

Shares distinguishes itself from other mobile trading apps by incorporating a social aspect into its platform. Users can follow their friends, comment on their trades, participate in private chats and join communities of seasoned investors. This unique social twist has contributed to the startup’s success, attracting a substantial user base of 150,000 individuals in the UK.

Most of our users are quite new to investing so they haven’t lost money – 60% are below 25 years old,” Ben Chemla, Co-Founder and CEO – Shares

The company recently obtained accreditation from the ACPR (Autorité de Contr?le Prudentiel et de Résolution), the financial regulator in France, allowing Shares to operate as an investment service provider in the country. With plans to launch in France next month, Shares will initially require an invitation for users to create an account.

In addition to the ACPR accreditation, Shares has also been granted the PSAN (Prestataire de Services sur Actifs Numériques) status by France’s financial markets regulator, the Autorité des Marchés Financiers. This designation officially recognizes Shares as a digital assets service provider, enabling the startup to facilitate cryptocurrency trades.

Significance of regulation for social trading

Expressing his satisfaction with the recent progress of the company, Benjamin Chemla, co-founder and CEO of Shares, acknowledged the tremendous effort of the team and emphasized the significance of the regulatory milestones. Chemla further announced the upcoming EU launch in July, initially limited to invitation-only access for the first members of the platform.

These developments mark a pivotal moment for Shares, as it sets out its strategic development for its expansion throughout the European Union. With its innovative social trading features and commitment to accessibility, Shares is poised to make a significant mark on traditional investment practices and bring stock trading to a broader audience across Europe.

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