Streetbeat Raises $10 Million in Seed Funding Led by TTV Capital

Streetbeat, a stock trading platform based in Palo Alto, announced today that it has raised $10 million in venture funding. According to Businesswire.com media outlets, the seed funding was led by TTV Capital and counted Seraph Group, AAF Management Ltd, StartX and the Stanford Alumni community as angel investors.

Therefore, Streetbeat plans to use the fresh funding for growth and expansion of its business. The stock trading company, whose customer base is growing 18% every week, is keen on developing a marketplace of trading strategies that gives every user a personalized list of recommendations based on their risk profiles and interests.

Revealing why they backed Streetbeat, Omar Darwazah, Managing Director and General Partner of AAF Management Ltd, said: “We at AAF Management Ltd. are thrilled to back Streetbeat in their mission of building a cutting edge, investment platform catered to today’s savvy retail investors. The company’s technology provides the tools retail investors need to professionally trade today’s ever-complex financial markets. The Streetbeat team is world-class, and we’re excited to work closely with them to help them bring their innovative trading technologies to the market.”

Meanwhile, Damián Scavo, the Founder and CEO of Streetbeat, added: “Today’s brokers make money any time the user makes a trade, not when the user makes money. Manual trading is something that professionals stopped using in the ’90s, other than on rare occasions. Another issue that we see is copy trading of individuals without any type of due diligence on their strategies or access to exclusive data. These are problems that Streetbeat solves. Most of the investments in the professional trading world are automatic and data-driven, and that’s what everybody deserves to use today.”

Transforming Stock Trading

Streetbeat and other stock trading apps, which provide big numbers of retail investors with easy access to complex financial instruments from their smartphones, are having a significant impact on market dynamics. Every day, investors have got easier and cheaper access to the stock market due to the innovation of such companies. These brokers have drastically changed fixed-rate commissions to retail investors. By 2014, the cheapest online brokers were charging $5 to $8 a trade. But, now that has changed as stock trading apps like Streetbeat have pushed the trend in trading costs to almost zero. Such platforms have introduced easy-to-navigate mobile apps and built-in a social aspect, which has made investing accessible, frictionless and cheap. They have incentivized users to invite friends and family to trade affordable stocks like Ford Motor Company, among others, as well as crypto trading.