InvestSky is set to kickstart operations following a successful pre-seed funding round that net $3.4 million. The funding round led by Saudi-based Emkan Capital will enable InvestSky commission-free access to 5000 ETFs and stocks. The FinTech startup retains the commission-free trades to enable first-time investors to learn trading.
InvestSky Successful Funding
Although the social investment platform is licensed to offer trading by the Dubai Financial Services Authority, it drew multiple participants from Saudi Arabia. In particular, the funding round featured Saudi Arabia investors, including S3 Ventures, Al-Romaizan Family Office and Mishal Al Mishari, who deputizes Jahez.
Established in 2021 by Turki Alshaikh and Nitish Mittal, InvestSky aims to deliver a trading platform that will onboard individuals to observe and learn trading skills before committing funds.
InvestSky chief executive Nitish Mittal indicated that the platform allows individuals to discuss viable investment strategies with the platform’s users. He added that the platform aims to assemble a community that will allow investors to learn strategies for smart investing from colleagues.
Emphasis on Zero-Commission Services
Mittal observed that retail investors are seeking a zero-commission platform, including eToro and Robinhood, following the incentives launched by the US Federal Reserve during the Covid-19 pandemic. InvestSky will facilitate access to 5000 stocks alongside funds traded by Nasdaq and New York Stock Exchange.
Mittal indicated the InvestSky application is available from Google Play and Apple’s App Store, with users able to utilize Arabic and English. He added the application targeted investors base will involve millennials, Generation Z and females.
InvestSky head of investment, Turki Alshaikh, decried the dominance of men in the retail markets. The vice president of strategy estimated the female investors to be 20-25% of the market’s participants in the Gulf region.
Alshaikh expressed confidence in InvestSky to enable first-time investors to make informed investment decisions. The platform will benefit Saudi Arabia investors, given it ranks last in financial literacy among the G20 countries.
Unique Features of InvestSky
InvestSky design prioritizes learning to invest and not mimic investment approaches deployed by other individuals.
Besides providing education resources, it features curated themes that groups stock relative to their concept, including web3, social, fintech and metaverse.
Alshaikh lauded the platform for its stringent know-your-customer procedures to avoid anonymous accounts. While the platform does not facilitate copy trading, it allows the users to view the previous portfolio performance captured in other investors’ profiles.
David Anderson is a writer and researcher for Copy Trading Critic. David provides comprehensive news articles from the online trading world. He also writes reviews and analysis of copy trading platforms and strategies.