TipRanks has continued its expansion and partnered with the trading platform, Futu, which offers international stock trading services to Chinese traders, Finance Magnates has learned exclusively.
Established in 2012, TipRanks offers a stock research platform that makes alternative databases available to retail traders. It uses natural language processing to analyze the performance of professional analysts for its services.
With this partnership, customers of Futu will have access to the tools offered by the Israeli company which has seen some impressive growth over the last few years.
“We are delighted to partner with Futu, particularly as it is the first time that traders in China have direct access to TipRanks’ tools on a Chinese platform,” TipRanks’ CEO Uri Gruenbaum said in a statement.
Global Expansion
The partnership came as a part of Tiprank’s strategy to expand globally. Earlier, the company entered the US by partnering with eTrade, and in Canada with TD Bank. It also launched its services in the United Kingdom and tied with Stockal, an investing platform providing Indian retail investors direct access to US stocks.
“Our global expansion strategy has always been to enter a market through a local market leader,” Gruenbaum told Finance Magnates.
“Our primary focus for the next two years involves entering more markets and covering additional asset classes. We will soon launch a crypto center, and we plan to add commodities and FX research later this year."
Meanwhile, the latest partnership will help TipRanks with expansion given the size of Futu. The trading platform has more than 18 million active users and is expanding in Asia.
“We are very excited that Futu, a leading platform in China, chose TipRanks as their research partner. We are confident that the popularity of our tools with Futu’s users will result in a growing demand for our products with more local financial institutions,” Gruenbaum added.
