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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPublic.com CEO Jannick Malling on the payment for order flow debateJannick Malling, Public.com CEO, joins 'Squawk Box' to discuss the payment for order flow debate, the trading platform's options trading offering, the state of bitcoin, and more.
Persons: Jannick Malling Locations: Public.com, bitcoin
Gabby Jones | Bloomberg | Getty ImagesAmerican stock brokerage startup Public launched its services in the U.K. Thursday, marking its first international expansion its launch in 2017. The app, backed by celebrities including Will Smith and skateboarding legend Tony Hawk, will offer U.K. users commission-free trading in over 5,000 U.S.-listed stocks during the country's regular trading hours. Bibas said that, for now, the U.K. is the only country Public is focusing on for its international expansion. In the future, it hopes to take learnings from its U.K. launch to open in other European markets. Freetrade, the U.K. brokerage startup, slashed its valuation by a whopping 65% last month to £225m in a crowdfunding round, citing a "different market environment."
Persons: Gabby Jones, Will Smith, Tony Hawk, AJ Bell, Hargreaves Lansdown, Leif Abraham, Public's, Abraham, Jannick Malling, PFOF, Dann Bibas, Bibas, he's Organizations: Bloomberg, Getty, Public, CNBC, Jannick, GameStop, Citadel Securities, European Union, Khepri Advisers, Financial, Authority, Accel, Tiger Global Locations: U.S, Abraham, Denmark, Germany, New York, Copenhagen, London, Amsterdam, Covid
Griffin, who founded Wall Street giants Citadel and Citadel Securities, donated $300 million to Harvard's Faculty of Arts and Sciences (FAS). However, it's interesting to see how two of his biggest contributions — DeSantis and Harvard — seem to operate on opposite ends of the spectrum. Click her to read our profile on Ken Griffin's rise to the top of Wall Street. Wall Street is drying out wells to drive up returns in California. Click here for more on the water woes created by Wall Street.
Bux, the online retail brokerage, has acquired the retail-trading arm of Spanish fintech startup Ninety Nine. Bux, a European rival to US retail brokerage Robinhood, has acquired the retail-trading arm of Spanish fintech startup Ninety Nine. Bux, though it raised an $80 million from investors in 2021, recently turned to crowdfunding with a campaign on Seedrs. Globally, fintech startups raised just $13.3 billion in the third quarter of 2022 taking funding levels back to pre-pandemic levels, per Dealroom. "Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by Bux, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the Bux Savings."
Co-CEOs of Bridgewater Associates Nir Bar Dea and Mark Bertolini. When it comes to the world of hedge funds, there's arguably no bigger name than Ray Dalio. It's not just the fact that Dalio grew Bridgewater Associates to the $150 billion behemoth that it is today. To be sure, Bridgewater isn't the only hedge fund in the midst of a changing of the guard. The dispute between billionaire Dan Och and Sculptor Capital Management doesn't seem like it'll be cooling off anytime soon.
New York-based trading app Public.com is set to launch in the European market in 2023. The startup, which is valued at $1.2 billion, is backed by Tiger Global and a string of celebrities. Public's shift into the European market comes as talks to acquire Dutch counterpart Bux collapsed. Public.com, a US trading app backed by Tiger Global and a string of high-profile celebrities, is set to enter into the European market next year. The move comes as talks to acquire European counterpart Bux collapsed, a source familiar with the matter said.
Europe's neobrokerage startups face cuts and consolidation as funding dries up, sources say. For startups that can't fundraise it's "shoulders against the wall," one investor told Insider. Europe's brokerage startups are facing a winter of job cuts and consolidation as the sector battles with slumping trade volumes and a scarcity of investor cash, industry sources say. The drop-off has made raising funds a difficult exercise for many fintechs and has also led to a bifurcation in the market of the "haves and the have-nots," one London-based investor told Insider. Market consolidation will be driven by price, one fintech fund partner told Insider.
Worklife Ventures holds weekly meetings for its portfolio company founders to seek advice from successful Silicon Valley operators. You have to have an eye out for people and for new tools," Kimmel said. Worklife Ventures is betting on good returns from its 50 investments in startups, and with nine of them as unicorns, the stakes are high. With venture funds typically having a 10-year life cycle before investment returns are tallied, Worklife Ventures still has a ways to go. Join us October 25 - 26, 2022 for the CNBC Work Summit — Dislocation, Negotiation, and Determination: The World of Work Right Now.
Fintor raised $6.2 million in October, bringing its total funding to $9 million. The fractional-real-estate firm caters to younger investors by making buy-ins low — as little as $5. Its CEO, Farshad Yousefi, walked Insider through the pitch deck Fintor used to raise the money. Backers including Public.com, Hustle Fund, 500 Global, and Graphene Ventures contributed $6.2 million to Fintor's latest funding round, bringing the total raised since 2021 to $9 million. Yousefi argued that investing in real estate via traditional means — like buying a home, getting a mortgage, and renovating it yourself — can turn off younger investors.
Investing app Public.com is in talks to acquire Dutch trading startup Bux, sources say. Bux was valued at an estimated $320 million to $480 million in 2021, but the expected deal price is lower. Investing app Public.com is in talks to acquire Dutch stock trading startup Bux, according to two sources with knowledge of the discussions. New York-based Public has been in active talks with Bux for two months, the sources said. Bux has never stated its valuation but was valued between $320 million and $480 million at its 2021 funding round, according to Dealroom estimates.
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