TradeIt’s API links retail investors and app developers with top financial institutions. TradingView intends to extend the ecosystem with new products such as Account Opening and Proxy Messaging Delivery. The deal was closed just under $20 million, according to TechCrunch.
Leading social trading platform TradingView has acquired fintech API and application pioneer TradeIt in order to allow its over 10 million monthly active users to trade through major U.S. brokers from anywhere.
TradeIt’s application programming interface (API), which links to more than $70 billion in active assets at top U.S. brokerage firms, has been responsible for a 10x lift in active user activity and a 5x increase in account funding. More than 170 developers of retail investing apps have used the company’s order-management development tools.
Denis Globa, founder and CEO at TradingView, commented: “TradeIt’s secure and compliant relationships with established U.S. retail brokerages, coupled with their robust integrations with top investing apps, allows TradingView to be part of the backbone of the investing ecosystem.”
With the acquisition, TradingView plans to extend the TradeIt ecosystem with new products including Account Opening and Proxy Messaging Delivery, as well as with new publisher relationships. Metrics show that TradeIt propels users to spend 80 percent more time with publishers.
Nathan Richardson, Chief Executive Officer at TradeIt, said: “TradingView’s vision aligns strongly with our view of the distributed financial networks of the future. We’ve worked with TradingView for several years now, and always felt our complementary products and shared retail investing users makes us stronger together.”
In exchange, TradeIt users will gain access to TradingView’s charting and quote capabilities which are offered to more than 40,000 Web sites, including Crunchbase, Investopedia, SeekingAlpha, Zacks, Binance, CME Group and Entrepreneur.
TradingView’s user growth has skyrocketed in the last three years – triple-digit increases in adoption now put monthly active users at more than 8 million in more than 150 countries. Nearly 50% of the TradingView user base is Millennials, with an additional 13% being GenZ. The groups are particularly drawn to the company’s extensive charting expertise. TradingView is a top 1000 global Web site per Alexa rankings.
Paul Szurek from Insight Venture Partners, which led a $37M Series B funding for TradingView in 2018, said the “product pipeline of account opening and messaging services being delivered by TradeIt makes TradingView an essential retail investors service”. TradeIt also raised money recently, about $12 million from high-profile names, including Paypal co-founder Peter Thiel and Citi Ventures.
TradingView, a leading social trading platform popular for its smooth HTML5 charting that provides access to a diverse set of asset classes including cryptocurrencies, first integrated TradeIt in 2016.
Founded by financial sector veterans Nathan Richardson, Serge Kreiker and Gaspard de Dreuzy, TradeIt is a “technology that lets app developers, publishers, and ETF companies integrate any major US retail broker’s functionality into any app, site, or platform.”