Social Investing just got a lot more interesting 💸; Revolut launches crypto staking 🪙; NFT market is showing signs of recovery 📈
FinTech is Eating the World, 7 February
Hey Everyone,
Happy Tuesday! Today we’re looking at social investing that just got a lot more interesting (& what the second generation of trading apps are all about), Revolut that launched crypto staking (& why it does and doesn’t make sense), and the NFT market that is showing signs of recovery. Let’s jump straight into the cool stuff 🌶
Social Investing just got a lot more interesting 💸
The launch 🚀 There’s a new social investment platform in town. It’s called Follow and it enables users to subscribe to a creator’s financial feed and set up an investment portfolio that mimics that particular person’s investment strategy, TechCrunch reported.
The new FinTech joins the likes of Coinbase COIN 0.00%↑, Robinhood HOOD 0.00%↑, eToro, Shares, and Public.com, and together they going after some 50 million people eager to try retail investing, according to Follow CEO Manning Field.
More on this 👉 Founded in 2021, Follow just raised $9 million in new funding from Atomic, Uncork Capital, and Vera Equity. Now the company is being officially launched with a group of 25 influencers, who Follow calls “Leaders”. The Leaders typically have wide follower bases on TikTok, Instagram, Twitter, and YouTube.
The USP 🥊 According to TechCrunch, Follow users pay a monthly subscription set by the Leaders, which currently ranges from $1.99 to $19.99 and then benefit from exclusive content and the execution of their favorite influencer’s investment portfolio trades within their own Follow Registered Investment Advisor investment accounts using its feature called SuperFollow.
From then on, the portfolio syncs in seconds whenever there is new movement from the influencer. The company will make money from those subscriptions, though the majority of the revenue will go to the creator.
Why does this matter? 🤔 The future of investing is social, and Follow just made it a lot more interesting. Here’s more on that + the takeaway: