Prytek, a leading technology group, announced that the company has made a significant investment in the Israel-based fintech company, TipRanks.
According to the official announcement shared with Finance Magnates, the latest investment by Prytek is a part of the company’s wider investment strategy. TipRanks is a platform using machine learning and NLP technology to make investment decisions easier for retail investors.
TipRanks platform allows retail investors to track experienced traders. In December 2020, the fintech company announced its launch in the United Kingdom to give retail investors in the country smooth access to institutional-level tools at an affordable cost.
Commenting on the latest announcement, Andrey Yashunsky, CEO and Founder of Prytek, said: “We are witnessing huge growth in the number of investment platforms which is fantastic as it is making investing accessible to all. However, this has dramatically increased the need for reliable, unbiased, and objective financial advice. Our future vision is to work closely with TipRanks to create a super app enabling investors to trade in various ways including equities and ETFs all in one simple place.”
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Prytek mentioned that the latest funding will enable TipRanks to expand its technological capabilities. The group added that TipRanks will be able to take advantage of Prytek’s solution suite.
Focus on Retail Investors
According to the announcement, TipRanks has more than 4 million active retail investment users. The platform is facilitating retail investors by giving them access to professional tools.
“Our platform is driven by smart technologies to help millions of investors evaluate ideas and make data-driven decisions. Through our partnership with Prytek, we will create and acquire more exclusive datasets that will give retail investors a real edge. We will also expand our coverage to other asset classes and markets including crypto and ETFs,” Uri Gruenbaum, Co-Founder and CEO of TipRanks said in the official press release.
In 2020, Prytek invested $12 million in TipRanks to support the company’s expansion. Since the start of 2021, TipRanks has formed several partnerships with different financial companies around the world. In March 2021, TipRanks collaborated with the Indian investing platform, Stockal.