ThinkMarkets has acquired mobile app developer Trade Interceptor in a deal valued in the low 7 figures. The brokerage is therefore committing to a solid expansion into mobile as traders are increasingly shifting towards their portable devices to execute trades.
Trade Interceptor was in discussions with a number of entities with ThinkMarkets gaining the upper hand in the eleventh hour, sources with knowledge of the matter share with Finance Magnates. At least three other brokers from the industry have been looking into buying the mobile app, one of them being a substantial name.
The acquisition, which was officially announced yesterday by ThinkMarkets, is not only going to strengthen the firm’s mobile offering, but also bring valuable talent into the firm. According to sources with knowledge of the matter, ThinkMarkets intends to turn Sofia, Bulgaria, into a developer hub for the broker’s needs.
ThinkMarkets appears to have realized that the mobile growth trend in retail trading technology is not going to abate any time soon. Traders are increasingly relying on their portable devices to combine their daily routine with trading habits.
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Trade Interceptor has been supporting a variety of brokers over the years, with FXCM and Swissquote being among the most popular ones. The application is providing a solid footing for mobile trading technology for ThinkMarkets at a time when differentiation in this area is proving to be key for a number of retail brokers.
Commenting to Finance Magnates, the co-founder and Managing Director of ThinkMarkets, Faizan Anees, said: “We have been scouting the marketplace for next generation fintech solutions that can complement our existing offering for traders. Trade Interceptor is the perfect match as we can now focus on mobile and execute our Mobile First strategy.”
So far Trade Interceptor has been actively focused mainly on English and ThinkMarkets plans to change that. The company will prioritize the application’s Chinese language interface and add more regions and asset classes in the coming months.
The office in Sofia, Bulgaria, which the company acquires as part of the deal will be focusing on mobile tech development for the brokerage.