Quote To Start The Day: Webull, founded by Alibaba Group Holding Ltd. alum Wang Anquan, has increased its roster of brokerage clients by about tenfold this year, to more than 2 million, by offering free stock trades with a slick online interface.
While that’s still a fraction of the more than 13 million at Robinhood, the broker that popularized commission-free trading, Webull says it’s been peeling off users from its rival. The company has plans to pursue a big funding round from private U.S. investors and may expand into automated financial advice and money management with a so-called robo-adviser service.
“It starts out where they kind of have both accounts. They might even execute on Robinhood and do research on Webull, but eventually we tend to win them over,” CEO Anthony Denier says.
One Big Thing In Fintech: China’s top banking regulator on Tuesday questioned the power of the country’s large financial technology companies and hinted at “timely and targeted measures to prevent new systemic risks.”
Other Key Fintech Developments:
- HDFC invests in fintech smallcase.
- Revolut tackles financial super app.
- TransferMate pursues B2B growth.
- State Street algos go live on BidFX.
- Pico adds Intel as strategic investor.
- France to add cryptocurrency KYC.
- Pagaya expanded into auto loans.
- Eurex has added to trading hours.
- Global X enters European market.
- Amtrak looking to digital payments.
- ACAMS, FINTRAIL looking to AML.
- Tora teams with Neptune Network.
- gohenry announced a $40M round.
- Synctera raises $12.4M for growth.
- Barclays, Nasdaq added new tech.
- Digital Asset to launch in Singapore.
- Standard Chartered will add crypto.
- Prosegur adds digital asset custody.
- IHS looks to MSCI, thinkFolio tech.
- Square pledges net-zero emissions.
Watch Out For This: The founders of a company called Raging Bull tout themselves as expert stock traders who teach customers how they, too, can become millionaires. Marketing emails said they found a “hidden bull market" in the COVID-19 pandemic.
Federal regulators say the company operators have defrauded consumers out of more than $137 million over the past three years. And the coronavirus-fueled economic crisis hasn't tempered their “reckless” efforts to dupe vulnerable investors, government lawyers wrote in a court filing Monday.
Source: Fox News
- Mom sues son over trading losses.
- Tracking the coronavirus vaccines.
- Latin America faces vaccine issue.
- Gut microbe startups tap over $1B.
- Elon Musk makes a move to Texas.
- YouTube adds HDR support for live.
- Joe Biden to add new virus strategy.
- Palantir helps with FDA evaluations.
Market Moving Headline: The global economic recovery will strengthen and become more sure-footed from the middle of next year as coronavirus vaccines are rolled out and social distancing starts to unwind.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Your update on what’s going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!