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Shares Obtain EU Trading License, Aspires To Become Epitome Of Trading Apps

In an unprecedented milestone for the French fintech landscape, Shares, the innovative social trading app, has achieved a groundbreaking distinction. 

Setting a new precedent, Shares has emerged as the sole player in the country’s financial technology sector to successfully secure dual accreditation. By obtaining the prestigious crypto registration (PSAN) and a coveted stock trading license as an investment company (PSI- Entreprise d’Investissement), Shares has solidified its position as the pioneering force in the industry, revolutionizing the way investments are made and regulated.

In a recent update, Shares, a prominent fintech company, finally received official confirmation from regulators after a prolonged wait that lasted until late last week. Benjamin Chemla, the CEO and co-founder, expressed his excitement about the news, stating that the company had been engaged in a lengthy back-and-forth process with various regulators for the past 18 months. Chemla emphasized the significance of the authorizations obtained, highlighting that Shares is now poised to become the first fintech firm in France to receive these two approvals from the French regulator.

Shares’ stock trading license includes asset custody, which means that the company will manage users’ assets on its books. While the app’s crypto registration process was approved in April this year, Shares is currently focused on securing its full crypto license as soon as possible. Chemla is optimistic about the company’s roadmap, explaining that their early crypto registration will facilitate a faster application process for a crypto license. This strategic move positions Shares well for broader European passports under MiCA (Markets in Crypto-Assets) when it comes into effect in 2026.

Although the waiting period for the license was a frustrating chapter for Shares, as they had initially anticipated a late 2022 launch, Chemla notes that the additional time allowed them to refine their product suite by incorporating more functionalities and assets. He proudly states that Shares will be the pioneering platform that offers US stocks, cryptocurrencies, ETFs, and fractional shares, all in one place.

Another highly popular feature of the Shares app is the ‘Premium Investor tool, which has gained considerable traction in the UK. For a monthly fee of £2.99, users can subscribe to the profiles and communities of experienced investors, enabling them to learn from and monitor their investment activity. Experienced investors receive over 50% of the subscription fee for each user who follows their activity. The Premium Investor tool will be accessible by invitation only, with offers extended just once or twice per year. Chemla explains that this exclusive approach is in line with their belief that their product is of premium quality, similar to the experience one would have in a Louis Vuitton store. They aim to gradually invite individuals to ensure an attractive and sought-after experience for their community.

Since its launch in the UK in May 2022, Shares has witnessed 150,000 members join within a span of 12 months. Today’s announcement signifies Chemla’s determination to expand the company’s UK success into the French neo-brokerage scene. Within the next 18 to 24 months, Shares aims to establish itself as the leading neo-brokerage platform in France. Chemla highlights its advantage of having a UK/French DNA, allowing them to leverage the knowledge and insights gained thus far while strengthening its position in the UK through the addition of new assets.

Shares have secured a total of $90 million in funding across three rounds, attracting renowned investors such as Valar Ventures, Singular, Global Founders Capital, and Red Sea Ventures. By executing its $40 million series C round in July 2022, Shares displayed a mix of business acumen and impeccable timing, securing funding before investor interest diminished. In November 2022, the company successfully brought the Williams Sisters on board as shareholders and brand ambassadors while simultaneously launching beta testing of its crypto services across 11 European countries. Shares’ marketing campaign featuring the Williams Sisters is scheduled to go live in the UK and France later this year.

With the lifting of the hiring freeze, Shares is actively recruiting for specific roles across Europe, as the company focuses on strategic expansion.

In conclusion, the recent official confirmation from regulators marks a significant milestone for Shares, a prominent fintech company, after a lengthy waiting period. With the approval of its stock trading license and crypto registration process, Shares is now positioned to become the first fintech firm in France to receive these authorizations from the French regulator. Benjamin Chemla, the CEO and co-founder, expressed his excitement about the news and emphasized the importance of these approvals. While the waiting period was frustrating, it allowed Shares to refine its product suite and incorporate more functionalities and assets. The company’s strategic move of securing early crypto registration sets them up for a faster application process for a crypto license and positions them well for a broader European passport under MiCA in the future. Shares aim to establish itself as the leading neo-brokerage platform in France within the next 18 to 24 months, building on its success in the UK. With substantial funding and renowned investors backing them, as well as the addition of the Williams Sisters as shareholders and brand ambassadors, Shares is poised for further growth and expansion. The lifting of the hiring freeze indicates the company’s active recruitment efforts as it focuses on strategic expansion across Europe.