LABUAN, Malaysia, May 23, 2022 (Newswire.com) - Gotrade, the company on a mission to make investing fun, fair and simple for everyone, and Wise, the global technology company building the best way to move money around the world, today announced a partnership that enables investors to access low-cost international money transfers to fund their Gotrade accounts with no exchange rate markups or hidden fees.
Gotrade was founded in 2019 by Rohit Mulani, David Grant, Andrew Haryono and Norman Wanto with the mission to make investing fun, fair and simple for everyone, everywhere. Together, they developed the Gotrade app to allow users globally to buy fractional shares in global giants like Tesla, Netflix and Apple on the NYSE and NASDAQ for as little as $1.
Since its launch in September 2021, the Gotrade app, with zero marketing, has attracted over 500,000 users — with close to 90% of them being new to the U.S. stock market. Gotrade users have transacted over $400 million to date across more than five million trades.
However, despite the strong response from users globally, the largest barrier for most prospects was the cumbersome process of getting their funds sent to the United States for custody, clearing and settlement. Previously, users would need to wire funds from their banks for a hefty wire fee and a marked-up exchange rate with no visibility as to when their funds would arrive. Today, thanks to the integration with Wise Platform, Gotrade app users will have seamless access to Wise's convenient and low-cost international money transfers to fund their accounts.
Wise Platform lets businesses, banks and other financial institutions integrate the magic of Wise right into their own platforms via the Wise API to offer cheaper, faster and easier payments to their own customers. Globally, Wise Platform is live with more than 20 banks, 11 enterprises and 12 distribution partners.
Gotrade does not add additional fees, so users transferring with Wise will get the real mid-market exchange rate as seen on Google and pay only a small, upfront fee with no hidden costs.
"We're extremely excited to partner with Wise to further our mission of making investing fun, fair and simple. This integration is game-changing as it truly elevates the idea of investing without borders by making opening an account, funding an account and trading on an account a great experience," said Gotrade founder Rohit Mulani. "Wise and Gotrade both share a lot of the same DNA in terms of transparency, fair fees and a great user experience in an industry used to fee-gouging. It was a no-brainer to partner with them to revolutionize how users globally access the U.S. stock market and to make funding your Gotrade account as simple as making a transfer on Wise."
Vinay Palathinkal, Regional Head, Wise Platform, said, "Speed, costs, convenience and transparency are crucial for modern customers, and Wise shares Gotrade's vision in making seamless experiences the norm for everyone, everywhere. For too long, international money transfers have continued to be slow, expensive and frustrating. Customers deserve better, and we're delighted to team up with Gotrade to give their investors access to quick and low-cost transfers with no exchange rate markups."
Gotrade is a mobile app-based stock-investing application that enables users to invest as little as $1 in fractional shares of U.S. stocks on an easy-to-use, commission-free platform. It was launched in 2019 with the vision of making investing fun, fair and simple for everyone, everywhere. Securities on Gotrade are offered through Gotrade Securities Inc.
Wise is a global technology company, building the best way to move money around the world. With the Wise account, people and businesses can hold more than 50 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology, too — an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world's fastest-growing, profitable tech companies and is listed on the London Stock Exchange under the ticker WISE. Thirteen million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month, saving customers over £1 billion a year.
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Source: Gotrade Securities Inc.