SAMCO Securities, a discount broking start-up, is eyeing one million downloads by March 2019 for its newly launched giga trading app ‘StockNote’, its CEO Jimeet Modi, has said.
Powered by a ‘giga trading’ engine that uses Artificial Intelligence and advanced analytics, ‘StockNote’ churns content to give insight to users to enable them take better investment or trading decisions.
This app — which is available on both Android and iOS — has already seen 50,000 downloads in a span of a week since launch, Modi told BusinessLine here.
“More than 50 per cent of the market is done by algo trading. There is a gap between retail investors and institutional algo traders. We will lead the effort to bridge this gap and give the giga trading power to individual investors,” Modi said.
With a giga trading engine, billions of information are processed using AI and advanced analytics to present simple tradeable and investible opportunities to investors.
SAMCO Securities, which had raised $ 7.5 million in Series B funding in end March, will not in the first month charge even a single Re of brokerage from a customer. “Whatever we charge, we will give 100 percent cash back to all customers in the first month,” Modi said.
Currently, SAMCO Securities has 1-1.5 percent market share in the retail broking industry, which it hopes to increase to about 3 per cent with the launch of this giga trading app.