Online investment site Westt Finance It is creating a way for Indian investors to invest in the US stock market. The San Francisco-based company has raised $ 3 million in seed funds to accelerate product growth and hire talent across the United States and India.
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“Investing in the US market is not a new idea, but before, there were many barriers to doing so from India.” Viram Shah, Co-founder and CEO of Westt Finance, told Crunchpace News.
Those restrictions include minimum deposit requirements, opening of accounts and submission of documents for opening US brokerage, as well as payment of high commissions – in some cases $ 5 to $ 10 per transaction – the average share purchase cost being more than $ 2,000,
West’s Zero-Commission online site does not require a minimum balance and allows you to invest in US stocks in minutes. Investors can choose individual stocks or ETFs or choose from a variety of portfolios created with different goals, themes and risk levels in mind, Shaw said.
“Indians have always been consumers of global products and understand them, but have never had the opportunity to invest in them,” he said. “We allow our audience to build wealth in a sustainable way that suits them. As retail investors we are excited to provide them with tools that allow people to access previously unattainable things.”
Round support Moving capital, Egg fund And TenOneTen Ventures In the United States, as well Inflation Point Ventures And Venture catalysts In India. Including this round, Westad has raised a total of 6 3.6 million funds since its inception in 2018, Shaw said.
Kill Elbos, Partner of TenOneTen Ventures, said in a written statement that while the United States is a “global innovation hub”, there is an advantage to investing in the country’s markets.
“Westt brings this cross-border investment opportunity to India and beyond, allowing local investors to diversify globally by spreading their risk, and we are excited about the potential that Westt brings to individuals in India, Southeast Asia and around the world,” he added.
Westt, meanwhile, wants to add new funding to product development and its 26th team. The current team is mostly based in Denver, San Francisco and across India, and Shaw expects to hire more talent, mainly in customer success.
The company saw rapid growth in 2020, with Westt processing at over $ 100 million in business. Shaw said more than half of the investors who use the Westad platform are investing in the U.S. market for the first time.
With the latest news about retail investors, it has accumulated in such stocks Gamestop And AMC Entertainment, Westt has seen a massive increase in new accounts – five times the growth over the past few weeks, Shaw said.
“GameStop was the most popular, with 20 percent of trades going into it, with AMC in third place Tesla, Which is generally very popular, ”he said.
Description: Tom Guzman
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