Ex-Wise employees found commission-free trading app Lightyear
A new investing platform called Lightyear has been founded by two former Transferwise (now Wise) employees.
Lightyear promises to be the first “completely commission free” app of its kind in the UK.
The fintech, founded by ex-Wise duo Martin Sokk and Mihkel Aamer, combines multi-currency accounts and “unlimited access to global markets”.
The firm has announced a $1.5 million pre-seed funding round led by Wise co-founder Taavet Hinrikus and Teleport co-founder Sten Tamkivi.
Joining the round as angel investors are Ott Kaukver, the CTO at checkout.com, Wander Rutgers, the former president of Robinhood UK, and Kaarel Kotkas, the founder of Veriff.
Lightyear says its flagship offering will launch with unlimited access to over 1,500 global stocks and ETFs.
It promises no trading fees, no account fees and no FX fees up to £3,000 per month. Once over that limit customers begin to pay a 0.35% charge.
“Having spent my career in financial services, I’ve seen the good, the bad and the ugly,” says Aamer.
“I believe retail investing in Europe is still very much ‘the ugly’ – we’re talking about sneaky fees, less access and complicated products remaining as the status quo.
“We’re building something that will change that by opening up investing to everyone.”
Lightyear has opened up its waiting list ahead of a 2022 launch. The firm’s first 2,000 customers will receive £10 to invest in stock of their choice.
It will come up against several well-capitalised retail trading apps in Europe, including Germany’s Trade Republic, which raised $900 million in Series C funding just over a week ago.
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