Spanish startup HeyTrade is to use Open Banking technology from TrueLayer to fund accounts for the release of its mobile investing app.
Founded in June 2020, HeyTrade investors will be able to trade in over 700 US, European, and UK stocks and exchange traded funds, with additional markets and securities coming soon.
Using TrueLayer’s platform, HeyTrade’s customers can easily connect their primary bank account to the trading app for instant and secure funding using Payments Initiation.
Citing research conducted by YouGov, TrueLayer says a quarter of Spanish investors said they had missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles.
"Thanks to this alliance, HeyTrade will be able to offer investors all the facilities of real open banking,” explains Ramiro Martínez-Pardo, CEO and co-founder of HeyTrade. “Our users will be able to open an account in under five minutes and start trading right away.”