No, fintech is not “technology from Finland.” It is also not technology that let's you know when a French movie has ending. Fintech is the nickname given to startups and apps that help you manage your finances. And for one Sydney, Australia-based company, it's changing the way they interact with the stock market on your behalf. And they just acquired a US company to further their cause.
That's right, fintech company Simply Wall St has acquired Capp.io, an Atlanta, GA-based startup that analyzes stock data in the US. The move was an obvious choice for Simply Wall St, as they have reportedly been keeping an eye on the startup for a while, citing their mission and values as a perfect fit. This marks the first acquisition for the tech startup and, if they have their way, it will not be their last.
“The acquisition allows us to strengthen our presence on the US market, where we already have majority of our customers,” says founder and CEO of Simply Wall St Alistair Bentley.
The combination of Simply Wall St and Capp.io will ideally lead to even better information being made available to retail and home investors across the market. Studies show that up to 55 percent of investors aren't entirely sure what they are doing when it comes to the stock market. Simply Wall St, now with the help of Capp.io's data, turns confusing financial data into simple visuals for proper investing.
This acquisition comes at a good time for Simply Wall St as they have recently launched monetization efforts that will be heartily supplemented by the additional data and consumer base of Capp.io. In addition to their “Freemium” account, which allows investors to track an unlimited amount of companies for $179 per year as opposed to the limited 10 companies of the free account, Simply Wall St has also begun offering the use of their infographics to finance content writers in exchange for a small fee.