Fintech startup Shares has raised $90 million for its stock trading app. And yet the service is only available to people living in the UK. But that’s about to change, as the company has received a number of authorizations from French regulators. EU passport rules also allow Shares to expand to other European countries.
As a reminder, Stocks allow you to trade stocks with no minimum trade size. The company offers fractional shares, meaning you can start investing from as little as £2. It competes with other neobrokers trying to make investing in shares more accessible, such as Freetrade in the UK, Bitpanda and Trade Republic in Europe.
But what makes Shares different from other mobile trading apps is that it has a social twist. Shares allows you to follow your friends and comment on their transactions. Users can also create private chats and subscribe to communities of more experienced investors. So far, Shares has managed to attract 150,000 users in the UK
Shares has just received accreditation to operate an investment service in France from the ACPR (Autorité de contrôle prudential et de resolution), France’s financial regulator. And the company plans to take advantage of this license as soon as possible, as it plans to launch shares in France starting next month. In the beginning you do need an invitation to create an account.
French financial market regulator (Autorité des marchés financiers) also recently awarded PSAN status to stocks – the startup is now officially a digital asset service provider in France, meaning it can also handle crypto transactions.
“We are very pleased with these authorizations: PSAN registration for cryptocurrencies and PSI license for trading stocks and ETFs. This is the reward of an extremely rigorous team effort, of which we are extremely proud. Equities are now regulated by the French regulator and this marks a decisive step in our journey, enabling us to announce our EU launch in July at the invitation of our first members,” said co-founder and CEO Benjamin Chemla in a statement.
As you can see, today’s news will pave the way for future market expansions in the European Union.