Shares, the Social Trading App, Obtains EU Stock Trading License for Expansion

Shares, a fintech startup, has successfully raised $90 million in funding for its stock trading app. Initially limited to users residing in the United
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Shares, a fintech startup, has successfully raised $90 million in funding for its stock trading app. Initially limited to users residing in the United Kingdom, the company is now preparing to expand its services thanks to the recent authorizations granted by French regulators. By leveraging EU passporting rules, Shares has the potential to extend its reach to various other European countries.

The distinguishing feature of Shares, which sets it apart from other mobile trading apps, is its incorporation of a social element. In addition to facilitating stock trading with no minimum trade size and offering fractional shares, the platform allows users to connect with friends, follow their trades, and engage in discussions. It also enables the creation of private chats and the option to join communities of experienced investors. In the U.K., Shares has already amassed an impressive user base of 150,000 individuals.

Shares has now obtained accreditation from France's financial regulator, the ACPR (Autorité de contrôle prudentiel et de résolution), permitting the startup to operate an investment service in the country. Exploiting this license, Shares is set to launch its app in France next month, albeit initially requiring users to obtain an invitation to create an account.

Moreover, the Autorité des marchés financiers, France's financial markets regulator, recently granted Shares the PSAN (Prestataire de Services sur Actifs Numériques) status. This official designation signifies that the startup is now recognized as a digital assets service provider in France, empowering it to facilitate cryptocurrency trades alongside traditional stock trading.

Expressing his satisfaction, co-founder and CEO Benjamin Chemla conveyed his pride in the team's dedicated efforts, culminating in these authorizations. Chemla emphasized the significance of Shares now being regulated by the French regulator, marking a significant milestone for the company. He further announced that the EU launch of Shares is scheduled for July, with initial access extended via invitation to early members.

Today's developments not only signify the imminent introduction of Shares in France but also pave the way for future expansions within the European Union's market.