Matador, the social investing platform, today announced $2 million in seed funding, led by Greycroft.
The app, which allows users to see what stocks their friends are investing in, makes it easy to buy and sell stocks and ETFs within seconds, with zero commission.
Launched in May 2017, Matador set out to make investing more approachable for younger generations by making it simple, social, and commission-free. “We designed a social product that lets first-time, millennial investors make informed investment decisions,” said Jannick Malling, CEO at Matador. “The way our parents invest through financial advisers and brick and mortar brokerages didn’t make sense to us, particularly since so much potential return gets eaten up in fees.”
Greycroft Partner Ian Sigalow said, “We were early investors in Acorns, Venmo, and Verse, and have studied the millennial-focused mobile market for years. Matador is solving a common problem - most young people don’t know where to start when it comes to buying stocks. Matador solved this problem by allowing investors to watch what stocks their friends are buying and then share comments, which makes them more comfortable venturing into the market.”
Matador recently launched new app features, such as “Popular,” which lets users view the most owned stock amongst their friends, and “Trending” which lets them see the most transacted stocks across the entire community. It also allows users to see what their friends are buying and selling in real-time and react to those investments.
“Investing in the stock market remains one of the best ways to grow wealth, but you shouldn’t have to do it alone. That’s what we’re going to change,” Malling added.