- A Colombian startup is offering cheap, easy stock trades in a bid to democratize access to Latin American stock markets, taking a cue from the U.S. trading platform Robinhood Markets Inc.
Does Ballot Initiatives have a non-published work on: From Policing to the environment
non-supply chain crisis risks taking the global economy down with it
The Queen of Airbnb said she was caught up in platform's New York Feud
Trii, a Colombian financial services company which was founded in March, allows individual investors to buy and sell shares of Colombian - and some U.S. and Chilean - companies through an app on their phones for as little as 11,900 pesos, about $3 a trade. In an interview, Carlos Guayara, one of the founders of Trii, said that the startup is going to disrupt traditional Colombian brokerages that cater to high-net worth individuals with transaction fees of $30 or more.
He said that Robinhood revolutionized the securities industry in the U.S. and we realized that nobody was doing that in Colombia.
Trii is already eyeing expansion into neighboring Andean countries Peru, Chile, Ecuador and Bolivia, where investing options for individuals are also limited, Guayara said.
While it took inspiration from Robinhood, Trii pronounced tree differs in that it focuses on buy-and- hold investors rather than high-frequency trading that made the U.S. company popular. He said it will offer loans backed with the clients portfolios in the long term.
Since launching, its app has been downloaded 130,000 times. It counts 75,000 users and $13.5 million in assets under management, which Guayara said is ahead of their expectations.
He said we have a hypothesis that Colombians want to invest in the stock market.
Guayara said that the addition of individual investors will bring needed money to capital markets. According to data compiled by Bloomberg, Colombia s MSCI Colcap index has dropped 14% this year in dollar terms, one of the worst returns in the world. less than 5% of the Colombian stock exchange is held by individuals.
Guayara and their partners Esteban Penaloza and Luis Patt developed Trii in part during their time at the U.S. startup accelerator Y Combinator. The company closed a seed round in which it raised $4.5 million in equity and $1 million for the loan business, valued at $40 million. Guayara said that it was backed by Bogota-based brokerage Acciones y Valores, which handles back- office services.
The data from CB Insights shows that financial services startups in Latin America raised over a record $4.2 billion over the first half of 2021, led by fundraising rounds from Brazilian and Mexican fintechs.
None All Those 23 andMe Spit Tests Were Part of a Bigger Plan
none Papa John is still Obsessed with Papa John s
A Point of No return is not reached by the Amazon
none of the Power Grid is just another Casino for Energy traders
None Big Teacher Is Watching: How AI Spyware Took Over Schools