New social investing app AleFi launches in US
A new investment app has launched in the US promising to better serve retail traders and provide social investing.
AleFi argues that a “growing number of uneducated retail investors” are losing money in the stock market by “gambling instead of investing”.
It says 90% of new retail investors lose 90% of their money in 90 days.
AleFi aims to provide its users with a way to follow credible investors and view their portfolios.
The service will charge customers $5 a month to gain an insight into the trading portfolios of successful investors. The fees are split 20/80 between the company and the investor.
AleFi also promises faster and more reliable API technology for real-time data retrieval, which it claims is independent of third-party infrastructure like Plaid or Alpaca.
As an app promising social engagement, it will also “fully integrate” with platforms which have been key drivers of retail investment: Reddit, Twitter, and TikTok.
The fintech is led by co-founders Daniel Brener and Mike Roberts.
Brener describes himself as a “finance enthusiast” on LinkedIn. He has operated as a franchise investor across Miami since 2018.
Prior to that he spent seven months at paper and pulp company Suzano and 18 months at food giant Kraft Heinz as a finance manager and analyst.
Roberts currently works in US leveraged capital markets for Dutch banking firm ING. He also spent three years at JP Morgan working in treasury services.