Stock market information platform Stockflare has smashed its crowdfunding target on Crowdcube to raise £445,000 in a two-week campaign.
The startup received £100,000 from the London Co-investment Fund, making it the first fintech company to get backing from the Mayor’s startup investment pot, with the Fund increasing its backing from an original £75,000 pledge.
Stockflare has partnered with Thomson Reuters to offer free investment information to its users, covering 45,000 stocks listed across the world, and has already recruited some 10,000 people in the US and UK during its beta phase.
The company will make its money via partnerships with brokerage firms, a service that will launch this autumn.
In total, 285 people backed Stockflare, helping it to surpass its £300,000 target by 48% and getting themselves an almost 27% stake in the business.
Shane Leonard, founder and CEO of Stockflare said: “The concept of Stockflare came to me after years of watching small investors pay high charges but get mediocre, not superior returns. Unfortunately, most fund managers fall short of their benchmark, consistently.
“Through my experience working in equity markets I knew that with the right tools, most investors can look after their investments as well as the professionals would, but at a fraction of the cost. Stockflare delivers those tools to small investors around the world for free.
“The speed we completed the round, and the 50% overfunding achieved shows the belief that is out there amongst investors that there must be ‘a better way’ and that Stockflare offers great promise of being just that.”
Given the ongoing turmoil in global stock prices, this platform may have gone live just in the nick of time.