Sydney investing fintech INDX.GURU is acquiring US crowd-sourced markets insights platform ClosingBell to bridge the gap between American and Australian trades.
The deal adds 50,000 users to the INDX.GURU platform. The cost of the deal was not disclosed.
ClosingBell offers users quick insights into the financial markets by crowdsourcing stock recommendations from thousands of traders. It has nearly 100,000 recommendations, INDX.GURU CEO Luca Monk said the social investing platform is eyeing off 1 million members by 2023.
Monk said he’s looking to build a suite of products for Gen Z and Millennials investors on with what he calls the ultimate do-it-yourself investment tool.
“The combination of INDX.GURU and ClosingBell is incredibly powerful, and is precisely what our users are looking for to make informed investment decisions,” he said.
“INDX.GURU provides a one-stop shop for Millennials and Gen Z investors to research, trade and invest. So far the platform covers all Australian stocks, US stocks and Cryptocurriences. We’ve built an amazing investing platform targeted at my generation to invest how they want – not how their parents do.”
Monk said that while trading costs are almost zero, retail investors have no more access to investing knowledge than they did a decade ago.
“INDX.GURU was built to even the playing field and give our users a distinct competitive edge,” he said.
“We want Millennial and Gen Z investors to have institutional quality research data and easy-to-use investment tools at their fingertips so they can make their own investment decisions without using brokers or fund managers.”
Monk said that you’re unsure which stocks to invest in, INDX.GURU has access to ready-made diversified thematic funds, developed using its proprietary valuation model.
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