A social investing app with a waitlist of more than 60,000 has launched in the UK and revealed a Series A funding round of £30 million.
Shares, headquartered in Paris with offices in London and Krakow, Poland, already employs 140 people.
The Shares app is now available for all users to download via Apple Store and Google Play. It gives family, friends and experienced investors a single place to meet, discuss and invest.
Its mission is to break down the barriers for first time investors, democratise and demystify investment and give its users access to the thoughts and ideas of their trusted network.
The round was led by Valar Ventures, Peter Thiel’s fund, while other investors include Singular and Global Founders Capital.
“The use of social networks has fundamentally changed how we interact with friends and family, what we talk about and how we make decisions,” said Harjas Singh, CPO and co-founder.
“People are already using solutions like Whatsapp, Telegram and joining communities to talk about trading. We’ve realised there is a need for an investment product that allows groups of friends to invest, discuss and share their investment journey.
“In less than nine months we’ve built an investing product with an incredible back-office capability with sophisticated anti-money laundering and financial crime detection systems.
“We are already in a position to compete with the biggest players in the market and are on our way to build a category leader.”
Benjamin Chemla, CEO and co-founder, added: “The app is inspired by our own experiences as retail investors and we wanted to improve people’s journey by combining trading with a community element that would radically transform the way people approach finance.
“We’re on a mission to help people connect, share experiences and invest in long-term financial wellness and a better future for themselves, together. From the UK, to Europe and beyond, launching today is the first giant leap toward giving everyone what’s missing in the experience of investing today.”