Shares has announced the closure of a $40m (£33m) Series B funding round, just four months after its Series A, which was also $40m. The company was founded as a social trading platform where users can invest and trade stocks but also engage with an online community with chats and posts, as well as investment education content. Armed with new funding, Shares is now looking to continue expanding across Europe by hiring regional managers in Spain, Germany, Poland, Sweden, and Netherlands. Shares is also looking to incorporate cryptocurrency trading into its platform.
Social trading is gaining traction among a younger generation of investors. Many online communities discussing trading already exist on forums such as Reddit, and now startups like Shares are providing one place to invest and socialize. London-based financial services app Zeed was also founded to capitalize on this trend. Zeed, which raised £205,000 seed round in July, combines investing with TikTok-inspired video content themed around financial trading. With the latest funding round, Shares has now raised a total of $90m.