Lightyear is an up-and-coming startup company offering a new stock market trading platform that caters to rookie investment. They are a London-based company, and they have been garnering the attention of investors recently.
The startup company aims to stand out by offering a stock market trading application with a sole focus on creating a unique, commission-free mobile app. As a result, their application, Lightyear, is now known as a reliable app for completely waving off account fees, trading fees, and foreign exchange fees -- up to a certain point, at least.
Lightyear stated on their website that their platform offers a straightforward and approachable method to invest money globally without the burden of additional, unnecessary fees, and barriers.
For the longest time, the stock market has been unnecessarily unfair to investors. They always get the shorter portion of the stick, which leads to bankruptcy in the worst cases. With limited access to the market and the addition of inconveniently expensive fees, ordinary investors are disadvantaged every single day.
Lightyear mentioned that they are now here to change the broken system.
With the help of Lightyear, even rookie investors may use the app based on their own beliefs and strategies.
According to Yahoo, the company is founded by two individuals - Martin Sokk, co-founder and CEO, and Mihkel Aamer, co-founder and CTO. Its original name was TransferWise (now known as Wise), which means that the company's goal is to offer a wise way to invest from the very beginning.
Sokk has experience in plenty of roles such as head of people, head of product, and head of operations. On the other end, Aamer used to be the engineering lead at Wise between 2013 and 2019.
In the same report, Sokk said in a statement that he has already seen the good, bad, and ugly sides of the financial service. He mentioned that the retail investment system in Europe is on the "ugly" side -- with sneaky fees, lessened access, and unnecessarily complicated products as some of the mainstream features of the market.
With this, he said that they are now creating something that will promote change within the industry in the sense that investing could be open for everyone. With their new Lightyear app, regular investors may invest in whichever global market they prefer, and they can do it their way.
What's Next for Lightyear?
The Lightyear app is not ready for public use, but future investors may register on their waitlist. According to recent reports, the app will roll out during the third quarter of 2021, which means that it's only right around the corner.
So far, Lightyear has already garnered a total of $1.5 million pre-seed funding round in partnership with an unnamed funding company co-founded by Teleport co-founder Sten Tamkivi, and Wise co-founder Taavet Hinrikus.
Lightyear also sets to compete with legacy brokers to broaden its reach. For this space, there will be enough room to fit more than one company.
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Written by Fran Sanders