Historically, financial organizations have watched forlornly through the front window while startups have adopted new and cool tools like Slack, Twitter, and Convo. Now they can join in the fun with something called Echofin.
You can imagine the product as a sort of hyper-powered Slack for financial groups. Users can message each other and view portfolios and investment news and small groups can get together and create paid rooms for sharing proprietary or important trading advice.
“Traders need to communicate and exchange ideas, discuss the market, get educated, post signals and share their thoughts on trading positions,” said co-founder Kris Leonidou. “300 million retail traders use whatever is available: irrelevant and incoherent solutions since there was no right tool for them.”
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“Any team owner in Echofin can set up public or pay-to-access rooms, define billing plans and make them available to their users. Users pay directly within the chatrooms and instantly unlock access to the premium rooms. And that’s how we make our money: 10% on each transaction through the platform. Creating a team is totally free.”
Private teams costs $12 a month per user.
They’ve raised a seed round and started out in 2013 when they launched at TechCrunch Disrupt. Their new version is working on creating brand new ways for traders and enthusiasts to connect online.