Saudi Vision 2030 is driving remarkable growth in Saudi Arabia’s startup ecosystem, attracting founders eager to benefit from the government’s support for entrepreneurship. One fast-growing startup is Emkan Capital-backed fintech InvestSky.
What Is InvestSky Doing In the MENA Area:
Founded in 2021 by Nitish Mittal, a former builder at Noon (the “Amazon of Saudi Arabia”), and Turki Al-Shaikh of Saudi Arabia’s Public Investment Fund, InvestSky, through its SEC-regulated partner broker Alpaca Securities, makes investing more accessible while capitalizing on users’ social inclinations to lower acquisition costs. The firm raised $3.4 million in pre-seed funding early this year, and it is regulated by the Dubai Financial Services Authority.
“In the past two years, there has been a remarkable shift, and it feels as though everything is progressing simultaneously, with a collective effort to build and grow,” founder and CEO Nitish Mittal said in an exclusive interview with Benzinga. “Unlike in the United States, this region is experiencing a surge in entrepreneurial activity.”
Fractional Investing And No Commissions:
InvestSky users can buy fractional shares of nearly 5,000 stocks and ETFs for as low as $1, commission-free. A paid premium package offers a Bloomberg-like experience, with social features such as viewing other users’ holdings and risk profiles that bolster engagement and learning. Onboarding is quick, and the premium plans will include extended hours of trading, advanced order types, premium data and news, and dividend reinvestment.
“Onboarding can be done in as little as 2 or 3 minutes,” Mittal noted, adding that the mobile sign-up journey is divided into personal questions and document verification.
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How InvestSky Aims To Differentiate Itself:
InvestSky provides context, background, and ways to follow and connect with analysts for validating price targets. The platform also highlights significant events like dividend announcements, earnings releases and conferences that impact stock prices.
What Is Up Next For The Investing Startup:
While retail investors currently dominate the Saudi Arabia market, participation is capped at about 25%, which is lower than in other markets. InvestSky aims to onboard more of the region’s investors, 65% of whom are under 30 years old and socially inclined.
“We aspire to become the ultimate destination for retail investors, and our growth strategy revolves around expanding our assets and enhancing the social elements of our platform, ensuring we become an integral part of our users’ daily routines,” stated Mittal. “By catering to the preferences of these young and diverse investors, we are determined to leverage the future growth prospects of the region’s capital markets.”
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Photo: Courtesy of InvestSky
Image and article originally from www.benzinga.com. Read the original article here.