The stock trading app KTrade – owned and operated by Karachi based stock brokerage KASB Securities – has raised $4.5 million in a funding round led by Hong Kong-based investment firm TTB Partners and New York-based global VC HOF Capital.
Launched in 2019, KTrade enables its users to sign up for a brokerage account and start trading with as little as PKR 5,000 ($32). As per the company’s statement, it charges PKR 0.03 on the trade of stocks priced at PKR 20 or less and 0.15 per cent for stocks priced at more than PKR 20.
Since the mobile app’s launch, a total of 200,000 people have registered on it to access research and virtual trading. Nearly thousands of these users have used the application to trade stocks, KASB Chairman Ali Farid – who previously served as Chief Financial Officer of UK fintech SafeCharge – said while he was talking to MENAbytes.
During the interview he said that more than 50 per cent of the “trading volume served by their brokerage now comes from the app”.
Ali Farid in a statement said, “KTrade will enable this mobile-first population to participate in the investment opportunity. By connecting these people to companies we can drive capital trapped in unproductive assets into the formal economy which would eventually drive a virtuous cycle of economic growth and higher investments.”
The Managing Partner at TTB Partners, Jonathan Bond, who led the funding round for KTrade said, “Pakistan and South Asia have some of the most exciting market dynamics and demographics globally, and KTrade is well-positioned to take advantage of the democratization of finance in the region. We are delighted to be investing in the latest round of funding for KASB, and to support Ali and his first-class team on their continued journey”.
From : pk.mashable.com