Everyman securities trading platform AlgoMerchant has officially launched today after raising more than US$2 million in funding from East Ventures and a “network of prominent individuals in the fund management and broking industry.”
The Singapore-based startup offers a range of robo-traders that allow investors of all shades – from part-time retail investors to professionals and high-net-worth individuals – to automate securities trading through their personal trading accounts.
The robo-traders use data analytics and machine learning tech to automate trading, while also avoiding delays and human error. The basic service is free, while a range of premium packages can be paid for.
AlgoMerchant said it collaborates with freelance quantitative traders – in other words, those that specialize in automated trading – and data scientists from around the world to discover profitable investment algorithms. More than 1,000 traders tested out the service during its nine-month beta phase.
Forty percent returns
The startup claims that its bots can give everyday retail investors “an edge similar to resource-rich top quantitative hedge funds,” securing projected annual returns of over 40 percent.
It also offers a form of social network and holds occasional seminars, giving investment novices the chance to exchange ideas and advice.
That said, AlgoMerchant also markets itself to professional investors. Renowned Singaporean investor Robin Ho has given his endorsement, committing an undisclosed amount of money for trading through the platform. The startup has also begun to offer customized solutions for institutional investors, such as funds that want to automate more of their trading activity.
Algomerchant was founded in 2014 by former bankers Justin Tjoa and Aditya Santoso. The startup went through NTUitive – the incubator program affiliated with Nanyang Technological University – before securing around US$910,000 in seed funding from East Ventures in January 2016.
It faces competition from a number of apps aimed at making securities trading more accessible to the general public. Hong Kong startup 8 Securities launched its TradeFlix platform last month, while US player Robinhood hit unicorn status after its most recent round of funding with a US$1.3 billion valuation.
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