Public.com, a zero-commission stock trading platform from the United States, wants to start its operations in the European market next year. The startup, valued at $1.2 billion and headquartered in New York, thinks about potential acquisitions in the Old Continent, despite failed talks about taking over the Dutch peer Bux.
The company, backed by Tiger Global Management, is currently offering no-fee access to fraction share trading, cryptocurrencies , non-fungible tokens (NFTs) and alternative assets. It now plans to launch a waiting list for non-US customers and to offer US equities trading, gradually expanding the list of available assets.
"Soon, Public's app will be available to download in a wide range of new markets. Global investors will be able to convert their local currency into the US dollar within the platform to invest in their choice of thousands of assets," Public.com commented in the Medium's post.
"We're thrilled to expand the platform globally in 2023."
Although the company did not specify which countries in Europe it considers, it wants to obtain licenses in at least a few jurisdictions and start acquisitions of other local companies. In September, the app backed by celebrities such as Will Smith and Maria Sharapova, was planning to acquire Dutch startup Bux. However, sources familiar with the matter say those plans have been abandoned.
It does not change the fact that Public.com has already made two acquisitions in 2022, including HyperCharts, a financial data visualization platform and Otis, an alternative-asset investing company.
Public.com Raided The Pandemic Trading Boom
The Public's history started in 2019, when Jannick Malling, Matt Kennedy, Peter Quinn, and Sean Hendelman gathered to create a new trading company. The startup was able to close its first funding round just a few months later, raise more than $9 million and launch a beta version of its trading platform.
During 2020, when the Covid-19 pandemic started, Public.com raided the retail trading boom, and achieved double-digit monthly growth, eventually becoming a unicorn with a valuation of more than $1 billion in 2021.
Although the market is in a completely different place now than it was just a year or two ago, Tiger Global Management's support and decision to open up to new markets should help the startup stay afloat.
