Passiv Closes $2.2 Million USD Seed Round to Build SnapTrade: A Unified API for Aggregating Trading Accounts
FREDERICTON, New Brunswick, October 17, 2022 (Newswire.com) - Passiv, the Atlantic Canadian fintech company known for their portfolio management software that caters to retail investors, has closed a $2.2 million USD seed round. This round follows the company's graduation from Y Combinator, a three-month startup accelerator program that supported the company in their growth with their new infrastructure product, SnapTrade and invested in the company alongside Mistral Venture Partners, Uncorrelated Ventures, New Brunswick Innovation Foundation (NBIF), East Valley Ventures and several other angel investors.
"Over the past five years running our own B2C app, we've gained tremendous insight into the needs and challenges of developers who need connectivity to their end users' trading accounts," said Brendan Lee Young, CEO of Passiv. He went on to add, "With Passiv's SnapTrade API, developers can focus on building their products."
SnapTrade is a rapidly adopted API that allows developers to connect retail brokerage accounts to their app. The connection provides real-time account data, historical transactions, and live trading for stocks, options and cryptocurrencies. Traditional fintech aggregators specialize in bank accounts but only provide limited support for investments with no ability to trade. The company has over 20 investing apps building on SnapTrade, enabling them to serve over 200 million investors around the world through SnapTrade's integrations.
"I previously built portfolio management tools and the ability to integrate with one API to support many brokerages is quite a compelling value proposition," said Mike Scanlin of Mistral Venture Partners.
"NBIF sees massive potential for the Passiv team and technology to make an impact in the fintech arena. Having single-source access to brokerage trading programs through the SnapTrade API, many benefits will become available to Passiv/SnapTrade customers. With growing interest in investing from retail investors, more tools to support successful and reliable trading will enable exciting capabilities for developers, investors, and brokerages alike," said Peter Goggin, Director of Investments, NBIF.
About Passiv Inc.:
Passiv is a Canadian fintech company founded in 2017 with the goal of making it easier for retail investors to invest and manage their wealth at retail brokerages and cryptocurrency exchanges. Retail investors use its software to consolidate accounts and rebalance their portfolios in a single click. The company recently launched SnapTrade, which is the infrastructure that powers their B2C product, as a new B2B product for other fintechs to build new investing products on top of their technology.
Source: Passiv Inc.
