If you wish to win on Wall Road, Yahoo Finance is inadequate however Bloomberg Terminal prices a whopping $24,000 per 12 months. That’s why Atom Finance constructed a free instrument designed to democratize entry to skilled investor analysis. If Robinhood made it value $zero to commerce shares, Atom Finance makes it value $zero to know which to purchase.
At the moment Atom launches its cell app with entry to its monetary modeling, portfolio monitoring, information evaluation, benchmarking, and dialogue instruments. It’s the consumerization of finance, just like what we’ve seen in enterprise SAAS. “Funding analysis instruments are too necessary to the monetary well-being of customers to lack the identical cycles of product innovation and accessibility that we’ve got skilled in different verticals” CEO Eric Shoykhet tells me.
In its first press interview, Atom Finance at present revealed to TechCrunch that it’s raised a $10.6 million Sequence A led by Common Catalyst to construct on its quiet $1.9 million seed spherical. The money will assist the startup finally monetize by launching premium tiers with much more hardcore analysis instruments.
Atom Finance already has 100,000 customers and $400 million in belongings it’s serving to steer since soft-launching in June. “Atom essentially modifications the sport for the way monetary information media and reporting is consumed. I couldn’t dwell with out it” says The Twenty Minute VC podcast founder Harry Stebbings.
Particular person traders are already at an obstacle in comparison with large corporations geared up with synthetic intelligence, the priciest analysis, and legions of merchants glued to the markets. But it’s turning into more and more clear that investing is essential to long-term monetary mobility, particularly in an age of rampant pupil debt and automation threatening employment.
“Our mission is 2 fold” Shoykhet says. “To modernize funding analysis instruments by means of an intuitive platform that’s simply accessible throughout all gadgets, whereas democratizing entry to institutional-quality investing instruments that had been as soon as solely accessible to Wall Road professionals.”
Leveling The Buying and selling Flooring
Shoykhet noticed the hole between beginner and knowledgeable analysis platforms first hand as an investor at Blackstone and Governors Lane. But even the supposedly best-in-class software program was missing the usability we’ve come to count on from client cell apps. Atom Finance claims that “for instance, Bloomberg hasn’t made a major change to its central product providing since 1982.”
So a 12 months in the past, Shoykhet based Atom Finance in Brooklyn to fill the void. Its web, iOS, and Android apps supply 5 merchandise that mix to information customers’ investing choices with out drowning them in complexity:
- Sandbox – Immediate monetary modeling with pre-populated consensus projections that routinely replace and are recalculated over time
- Portfolio – Monitor your linked funding accounts to watch overarching stats, real-time revenue and loss statements, and diversification
- X-Ray – A monetary analysis search engine for compiling information, SEC filings, transcripts, and evaluation
- Evaluate – Benchmarking tables for evaluating corporations and sectors
- Collaborate – Dialogue boards and group chat for sharing insights with fellow traders
“Our Sandbox characteristic permits customers to create easy monetary fashions straight inside our platform, with out having to export information to a spreadsheet” Shoykhet says. “This protects our customers time and prevents them from having to manually refresh the inputs to their mannequin when there’s new data.”
Shoykhet positions Atom Finance in the course of the market, saying “Present options are both too rudimentary for rigorous evaluation (Yahoo Finance, Google Finance) or too costly for particular person traders (Bloomberg, CapIQ, Factset).”
With each its free and forthcoming paid tiers, Atom hopes to undercut Sentieo, a more AI-focused financial research platform that expenses $500 to $1000 monthly and raised $19 million a 12 months in the past. Cheaper instruments like BamSEC and WallMine are sometimes restricted to only pulling in earnings transcripts and filings. Robinhood has its personal in-app analysis instruments, which might make it a looming competitor or a possible acquirer for Atom Finance.
Shoykhet admits his startup will face stiff competitors from well-entrenched instruments like Bloomberg. “Incumbent options have vital model fairness with our goal market, and particularly with skilled traders. We must proceed iterating and ship an unmatched person expertise to realize the belief/loyalty of those customers” he says. Moreover, Atom Finance’s entry to customers’ delicate information imply flawless privateness, safety, and accuracy might be important.
The $12.5 million from Common Catalyst, Greenoaks, International Founders Capital, Untitled Investments, Day One Ventures, and a slew of angels provides Atom runway to rev up its freemium mannequin. Robinhood has discovered nice success changing unpaid customers to its subscription tier the place they will borrow cash to commerce. By equally beginning out free, Atom’s 8-person crew hailing from SoFi, Silver Lake, Blackstone, and Citi might construct an enormous funnel to feed its premium tiers.
Fintech can really feel dry and ruthlessly capitalistic at occasions. However Shoykhet insists he’s in it to equip a brand new technology with strategies of wealth creation. “I feel we’ve gone lengthy sufficient with out seeing actual innovation on this area. We will’t be complacent with one thing so necessary. It’s essential that we democratize entry to those instruments and educate customers . . . to enhance their funding well-being.”