Gotrade, a Labuan, Malaysia-based investing platform that allows users to trade fractional shares of U.S. stocks and ETFs, raised $15.5m in Series A funding.
The funding round was led by Velocity Capital Fintech Ventures with participation from MUFG, BeeNext, Kibo Ventures, as well as returning investors LocalGlobe, Social Leverage, Picus Capital and Raptor Group.
Founded in 2019 by Rohit Mulani, Norman Wanto and David Grant, Gotrade is a mobile app-based stock investing application that enables users to invest as little as $1 in fractional shares of U.S. stocks on a commission-free platform. It has over 500,000 users from over 140 countries in its first year. Users have transacted over $400 million to date across more than 5 million trades.
The company intends to use the funds to grow its team of 40 and launch localized versions of its product in various markets, starting with Southeast Asia. Launching local versions of Gotrade will allow the company to start offering its product in local languages with local deposit methods across the region, which the company expects will unlock significant further growth.
In conjunction with its Series A funding, Gotrade announced the launch of Gotrade Indonesia, in partnership with local broker Valbury, the Jakarta Futures Exchange and the state-backed Futures Clearing House of Indonesia.