A London-based investing app Shares has been able to get $40 million in funding to take advantage of the rise in retail trading caused by the epidemic. With this new funding, the financial technology company shares app has raised a total of $90 million so far.
The money the company has just gotten will be used to help it grow in Europe. Shares App plans to go online in other parts of Europe before the end of the year. Shortly, the company also plans to launch its proposal for crypto-assets and join the Web 3 market.
The Shares App Company’s Recent Updates
Peter Thiel’s company, Valar Ventures, was in charge of getting the money. After getting $10 million in one of Europe’s biggest seed rounds in 2021 and $40 million in a Series A round in March of this year, the company has received $40 million in funding for its Series B round as per Shares app 40m leads peter thiellevingstonbloomberg.
People who were early investors in N26 and Wise, as well as the co-founder of Freetrade, were also early investors in this company.
The company was started by Benjamin Chemla, Francois Ruty, and Harjas Singh in the UK in 2022. It offers a platform for “social trading” designed for people who have never invested. After the pandemic caused a boom in retail trading and hundreds of first-time investors used apps to put extra money into the stock market, Shares were made soon after this trend started to take shape.
The Shares app makes a unique trading community by combining the ease of use of an investing product with all the features that users would expect from a social networking app. It does this so that users can access hundreds of stocks with just a one-pound investment.
The trending features
Social trading is one of the essential features. It lets users buy and sell assets while using captions and GIFs to share their thoughts on those investments. Members can keep track of what their friends are investing in in real-time, and group watchlists can help people keep track of upcoming opportunities with their friends.
The Shares App Availability
Since the app became available in the United Kingdom in May, it has gained more than 150,000 users. This indicates that investors are keeping a close eye on game-changing innovation. On the Apple App Store, the app was the second most downloaded UK Finance app.
Its user base shows how the types of investors are changing. For example, 66 percent of its users are from Generation Z (people under the age of 25), and 26 percent are millennials (26-41).
Benjamin Chemla started Shares and is also the company’s CEO. Chemla said the latest investment from Valar Ventures would help the company keep going in the right direction. Also, we are already thinking about the next step in our growth, which will be to move into Europe. This will be the starting point for our work with people all over the world.
The comment made
James Fitzgerald, a partner at Valar Ventures, said, The launch in the UK was a significant step forward, and we can’t wait to see Shares grow all over Europe.” This allowed us to invest in a forward-thinking social trading company that goes against the norms of traditional retail investing.
The Shares app company’s Series A round, which brought in $40 million and was also led by peter Thiel in March of this year, came right after the most recent fundraising round. The start-up company has so far raised $90 million in funding.
Shares said that the new money would be used to make new products and help the company grow worldwide. The company wants to launch in 40 more countries on three continents, and these new funds will be used to help make that happen. Shares were started in 2021. It is a smartphone app that allows groups of friends to pool their money and invest together, starting with as little as one pound.