Israeli online stock brokerage start up Stox announced today the closing of an $8 million Series A funding round led by Israeli entrepreneur Moshe Hogeg's investment fund Singulariteam. The funds will be used to further develop the firm’s proprietary real equity trading platform.
Stox’s trading environment is a sharp departure from a typical online stock brokerage. Designed with the investor’s needs at the forefront of every stage of production, the user-friendly trading platform transforms stock trading with unique and seamless social features that show which stocks are being traded and how other investors are performing. Users will benefit from being able to follow other investors on the platform and even copy them trade for trade. The combination of a full-service online brokerage with key social functionality and a highly focused and tailored user interface is a key element of Stox's aim to create a service that makes stock trading accessible to all, while also providing the tools and confidence necessary to make decisions.
Stox is operating in a similar space to eToro, another Israeli start-up that has raised $90 million to date, and allows investors to track their investments online through its trading and investments platform, which includes social features.
Stox cofounder and CEO Roy Shaham said,“Our goal is to open up the Stock Exchange to as many people as possible. By simplifying the process of online trading and by allowing users to see the actions of other investors, we can help people who, till now, have not felt confident investing in stocks. Stox actively stimulates their interest and empowers them to take control over their future finances."
Stox is currently in invitation-only beta mode and plans to launch in Europe within the next couple of weeks, expanding to the US market later in the year.
Singulariteam, focuses on identifying start-ups with major disruptive potential and includes innovative startups like Mobli, Storedot and YO. Hogeg said, "We are always looking for companies that turn traditional sectors on their heads, and Stox has the potential to make online trading effective, accessible and fair without forcing users to sacrifice the quality or legitimacy of the trading environment. The ability to emphasize accessibility while still delivering a premium offering is what sets Stox apart and the addition of key social functionalities offers a new experience for more seasoned traders to improve their interaction. Whenever you can both widen access to new audiences and bolster the experience for those who are already using similar products, the potential is enormous."
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2015
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