Investment App Gotrade Raises US$15.5 Million, Expands to Indonesiaby Fintech News Singapore April 6, 2022
Fractional share trading startup Gotrade has raised US$15.5 million in a Series A round led by Velocity Capital Fintech Ventures, bringing its total funding to US$22.5 million.
The funding round also saw participation from MUFG, BeeNext, Kibo Ventures, as well as returning investors LocalGlobe, Social Leverage, Picus Capital and Raptor Group.
Velocity’s Don Montanaro will be joining Gotrade’s board alongside LocalGlobe’s Remus Brett.
The funds will help Gotrade grow its team of 40 and launch localised versions of its product in various markets, starting with Southeast Asia.
Following its Series A funding, the company also announced the launch of Gotrade Indonesia – a platform built to enable users in the country to invest as little as $1 in the likes of Tesla, Apple, Netflix and more on an easy-to-use, commission-free platform.
Additionally, Gotrade also announced that Andrew Haryono is being recognised as a co-founder of the company.
Andrew is the owner of the Valbury Group that is powering the Gotrade Indonesia platform. The Valbury Group is a financial conglomerate in Indonesia that owns securities, derivatives and capital management arms.
Gotrade had previously raised a US$7 million seed round in 2021 from LocalGlobe and Social Leverage, both early backers of Robinhood.
Once it received clearance from the Labuan Financial Services Authority of Malaysia, Gotrade rolled out an invite-only platform in March 2021, launching publicly in September 2021.
The app has attracted over 500,000 users from over 140 countries who have transacted over US$400 million to date across more than 5 million trades.
“Andrew has been involved since the earliest days of the business in 2019 and has been instrumental in helping us achieve the success we have had so far.
With the Valbury partnership and the launch of Gotrade Indonesia, we’ve been able to take our partnership to a new level and everyone felt it was time to recognise him for the pivotal role he’s played in the company’s past as well as the role he will continue play in the company’s future,”
said Rohit Mulani, Founder of Gotrade.
“The team at Gotrade is on a mission to completely reinvent investing for millions of Indonesians. I’ve been in the industry for over 20 years but as soon as I met the team in 2019, I knew that this was the team that would transform the industry.
I am thrilled to be a part of the team at Gotrade and am excited to be a part of the next phase of the company’s hypergrowth,”
said Andrew Haryono, Co-founder of Gotrade.