After being in the market for some time, social trading provider Tradeo has been acquired. Sources with knowledge of the matter have shared with Finance Magnates that the deal was only recently agreed upon. For the time being there is no specific information as to who the buyer might be.
The company has been focused on providing social trading services. After the firm was launched as a multi-broker solution that enables traders to share ideas across different brokerages, it later changed its business model.
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Tradeo was launched in 2012. The social trading platform initially gathered speed, but multiple technology challenges related to integration of trading platforms and the maintenance of connectivity to several brokers have prompted a pivot.
In 2014, after securing additional $1 million of funding from venture capital firm LaunchCapital, Tradeo retooled its offering and became a social trading brokerage. The company has entered a relatively crowded space, as brokers have been developing their own proprietary solutions, while at the same time the rise of mobile has opened the market for new competitors.
Aside from its client base, one of the major assets of the brokerage is its CySEC license. The firm has operating offices in Cyprus and Bulgaria.