Bullo, a financial technology startup, announced today it has completed its Series A funding round. The company said it will temporarily suspend its proprietary trading services as it pursues regulatory licensing in multiple jurisdictions. It wants to distance itself from the regulatory issues prop firms are currently grappling with.

Bullo Secures Series A Funding, Pauses Prop Trading Services

The company, which has seen rapid growth since February, said the decision to pause prop-based services stems from regulatory uncertainty surrounding proprietary trading firms. Bullo's board determined this move was necessary as the company seeks licenses in “several Tier 1 jurisdictions.”

“We firmly believe that regulation is essential for protecting traders,” Bullo commented in the written statement. “While we may consider reintroducing our prop-based services once there is regulatory clarity, it is not wise for us to continue offering these services at this time.”

The startup indicated it had consulted with third-party experts and regulators before making this decision.

Bullo is not the only prop firm facing issues recently. Funded Engineer announced the “permanent closure” of its operations two weeks ago, effective immediately, along with plans to file for bankruptcy, through its official social media channels.

To avoid closure and bankruptcy , MyFlashFunding has decided to sell its assets and transfer its clients to a competing firm, Sway Funded. Meanwhile, in response to the controversy, The Funded Trader announced the launch of a new company, Te Futures Trader. However, clients are concerned that this could be “another rug pull.”

The Robinhood of Europe

Bullo aims to position itself as “the Robinhood of Europe, the UK and the Middle East.” It also plans to enter the US market eventually.

However, it's difficult to determine exactly what the company is currently involved in. Its official website, bullo.com, currently only states that it is “the next-gen broker for traders” and that a new version of the services will be presented on August 5, 2024.

Current customers will receive detailed information via email regarding next steps. The company stated it will ensure no customer is financially disadvantaged due to this change. Bullo did not disclose the amount raised in its Series A round or provide a timeline for potentially reinstating prop trading services.