[Funding alert] Online investment platform Vested Finance raises $3.6M in seed round
Silicon Valley-based online investment platformFinance on Friday announced it has raised $3.6 million in seed funding with participation from Moving Capital, Ovo Fund, and in the US, and Inflection Point Ventures and Venture Catalysts in India.
According to the official statement, the company plans to use the funds to accelerate product development and hire talent across the US and India.
Founded in 2018 by Viram Shah (CEO), Darwin Arifin (COO), and Yinghan Lin (CTO), Venture Finance enables Indian investors to invest in the US stock market.
Viram Shah, CEO and Co-founder, Vested Finance, said,
“Individuals in India have been contributing to the top and bottom line of international companies for decades, but have never had the chance to create wealth by investing in them. Our goal is to build the easiest US investing platform for Indian investors, and our growth to date has proven that interest in the opportunity is strong and increasing."
"Our focus following this seed round is on accelerating product development to create a seamless and cost-effective end-to-end investing experience in the US,” added Viram.
Commenting on the investment, Gil Elbaz, Partner, TenOneTen Ventures, added,
“The United States is a global center of innovation, and people around the world can benefit from investing in the US markets. Vested is bringing this cross-border investment opportunity to India and beyond, allowing local investors to diversify globally by spreading out their risk, and we’re excited about the possibilities Vested will bring to individuals in India, Southeast Asia, and around the globe.”
According to the startup, it witnessed rapid growth in the year 2020. It states that the money deposited into Vested accounts grew 26x over the last twelve months, along with a 5x increase in US brokerage accounts opened through the platform.
Vested processed more than $100 million in trades in 2020, and more than half of the investors using the Vested platform are investing in the US market for the first time ever.
Edited by Megha Reddy