MarketWolf, established in Singapore, intends to provide stock trading to first-time investors in additional markets.
The platform announced today that it has raised $10 million in Series A funding led by Singapore-based Jungle Ventures and Mumbai-based Dream Capital. 9Unicorns, iSeed, Crescent, and Riverwalk were among the returning investors.
Since its inception in 2017, MarketWolf has raised a total of $17.4 million which launched in India in 2020. The fresh funds will be used to develop its product portfolio as well as to hire for its product, marketing, and engineering teams.
MarketWolf intends to make trading accessible to newcomers by offering low minimum investment amounts, a risk management system, and modules for practicing and learning about investing. Starting at $5, they can invest in options, futures, ETFs, and stocks. The majority of its users are between the ages of 18 and 35.
Setting mandatory risk and reward thresholds, listing only liquid products, prohibiting option selling to avoid infinite risk, and its practice and learn module are among MarketWolf’s risk-management features.
Since its inception in 2017, MarketWolf has raised a total of $17.4 million (it launched in India in 2020). MarketWolf, founded by Vishesh Dhingra and Thomas Joseph, says it has witnessed more than 1.5 million app downloads in India over the last 18 months and that its number of trading accounts and retail active clients has grown 10x year on year. In 2021, India’s National Stock Exchange (NSE) named it as one of the top 15 brokers in terms of trading.
Dhingra worked at Merrill Lynch and Barclays Capital before co-founding MarketWolf, developing quantitative models and tactics for algorithmic trading in capital markets.
He told the press that he and Joseph sought to establish an investment app since “current solutions were focused on long-term investing alone, and short-term trading was disregarded.” Thomas and I worked on trading desks at Merrill Lynch, Morgan Stanley, and others and recognized that there should be a simpler, more entertaining, and risk-managed form of trading made available to people all over the world.”
The startup is one of several Southeast Asian investing apps that have raised (and continue to raise) money. PINA, an Indonesian cryptocurrency trading app, and Anfin, a Vietnamese platform for first-time investors, have all garnered venture financing in the last month.
MarketWolf, according to Dhingra, distinguishes itself from other investment apps by its gamified interface (many of its users come from mobile gaming groups) and trading-first approach.
Arpit Beri, principal of Jungle Ventures, stated in a prepared statement that MarketWolf has the necessary product, as well as the right people and skills to disrupt this sector. Retail participation in the stock market in India continues to remain pitifully low at 3-5 percent.
For more stories like this: