TradeIt to be acquired by TradingView
Trading API and app developer TradeIt has agreed to be acquired by long-time partner TradingView, reports David Penn at Finovate.
The company will leverage TradeIt’s technology to bring mobile trading to the more than 10 million monthly active retail users in over 150 countries who use its social trading platform.
Terms of the deal were not disclosed.
The acquisition is the latest evolution in a relationship that extends back “several years,” according to TradeIt CEO and founder Nathan Richardson. “TradingView’s vision aligns strongly with our view of the distributed financial networks of the future,” he says. “We have always felt our complimentary products and shared retail investing users makes us stronger together.”
TradeIt’s API infrastructure connects to more than $70 billion in actively traded assets at top US brokerages. Its technology enables financial publishers and app developers to link users’ brokerage and investment accounts, and provides support for transactions in most asset classes, including stocks, ETFs, options, and currencies.
Its solutions include Trading Ticket, an order management tool; PortfolioView, which links and provides access to account balances and positions; and Account Opening, which enables customers to open new brokerage accounts in less than two minutes.
TradeIt noted in its statement that brokers have seen a tenfold increase in activity among active traders and a fivefold gain in account funding when linked to TradeIt’s platform. The company’s partners include Bloomberg, Business Insider, as well as fellow Finovate alums TipRanks and Divy.
In the announcement, TradeIt and TradingView quotes Insight Venture Partners’ Paul Szurek who express optimism about the new, combined entity. “The product pipeline of account opening and messaging services being delivered by TradeIt makes TradingView an essential retail investors service,” he says.
Insight Venture Partners led a Series B round for TradingView last year.
TradingView CEO and founder Denis Globa says the combination will help make his company “part of the backbone of the investing ecosystem.” He adds that TradingView also will add to TradeIt’s ecosystem with new account opening and messaging solutions. TradeIt users will gain access to TradingView’s charting and quoting functionality.