Singapore based Gotrade, a fintech trading platform, announced that it raised USD 7 Million in a seed funding round. This round was led by LocalGlobe, a London based Venture Capital firm. 

This round also saw the participation of Y Combinator, Raptor, Social Leverage and Picus Capital. Some angel investors also took part in this round, like co-founder, Go cardless, Matt Robinson; Carlos Gonzalez-Cadenas, former chief product officer of Skyscanner; Joel Yarbrough, Asia-Pacific head at Rapyd; Frank Strauss, former director of Deutsche Bank’s global digital business.

Gotrade makes investing infractions in U.S stocks readily available globally, on a charge of only a dollar.

Words from investors – 

LocalGlobe partner Remus Brett said, “Over the past 100 years, U.S. stocks have delivered average annual returns of 10%. With compounding, an investment of $1,000 back then would be worth $13 million today. These returns have fueled wealth creation in the U.S. and other developed markets, but most of the world has missed out. We believe Gotrade can help the world’s 99% gain access to the same benefits that the 1% have. We are incredibly excited to be joining Rohit, David and Norman on this journey.”

About GoTrade

GoTrade was initiated by David Grant, Norman Wanto and Rohit Mulani in 2019 and had its headquarters in Singapore. The startup lets the users invest in fractional US stock commissions freely from across the globe.

Rohit Mulani, the CEO and co-founder of GoTrade, said that Gotrade’s plan came to his mind when he got interested in American stocks but realised that there were tons of barriers.

“When I was 18, I actually looked to get access in Singapore, and banks were charging $30 per trade. Effectively, the market taught me that I could not get into the market. Fast forward ten years, I decided to look into it again, and the banks were still charging $25 a trade,” he said. “On top of that, their user interfaces were something I didn’t want to look at. So we decided to build a brokerage platform where anyone can get access.”

“Fractional trading actually came a bit later,” he added. “That was the real MVP for us because fractional makes investing accessible to anyone globally since all you need is one dollar.”

Many GoTrade users have invested in their stock markets locally but didn’t get access to trade in U.S stocks before. The age group of the investors vary between 25-34 years, majorly. The average size of the account is around USD 500.

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