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Pressure on Robinhood Rises After Gatsby Pulls in $10M Fundraising Haul

Six months ago ,Grit Daily interviewed Jeff Myers, the CEO of Gatsby, an investment platform rivaling similar businesses like RobinHood. The company was inspired by the character Jay Gatsby of F. Scott Fitzgerald’s famous American novel, “The Great Gatsby.” Myers said in a previous interview that he wants Gatsby to be “…where you can really go for it. Take risks with opportunities to actually move the needle. Options give you leverage, and that’s powerful.” 

Gatsby co-founders Jeff Myers and Ryan Belanger-Saleh

Gatsby has been growing exponentially as a platform since Grit Daily last spoke to Myers and his team. The company continues to serve as a viable competitor to Robinhood, another stock trading and investing app.

“We have almost doubled our team size, and we have doubled our number of users since the beginning of 2021,” Myers said.

Gatsby recently made headline with their fundraising efforts. The company raised ten million dollars in series A funding, and continue to expand what the app can do for users.

Myers also noted new initiatives available to potential investors. 

“We have also launched options spreads strategies, stock trading, and Gatsby Rewards – a point system that pays users to trade.”

Users will gain points with every trade they make on the platform. They can choose to redeem their points for gift cards at participating retailers.

Six month ago the team was in the process of working on creating an adaptive interface for their app. This interface would feature an algorithm that would adapt to each Gatsby user’s individual preferences.

Myers said that: “Currently, depending on answers that traders give during onboarding and actions in the app, a user will have access to certain features and not others.

We built so that every trader will have as many tools as they need, but not too many to make them feel intimidated. We want to improve this system and make it more nuanced to cover more styles of trading.”

Is There A Good “Stepping Stone” To Get Started In Investing? 

Myers thinks so, and explained why Gatsby was a good place to begin for hesitant novice investors.

“The jargon on many brokerage platforms can look daunting at first blush. Many of the concepts are simpler than they seem. Do your research, and dive into the hundreds or thousands of communities across every social network to hear others opinions and due diligence techniques, or in Gatsby, you can find trade ideas right from the Social Feed.”

One year ago, Gatsby “only support[ed] level 2 options trading, which allows a user to purchase either long call or long put contracts.” Myers confirmed that now, “[Gatsby] now support[s] level three trading for users that qualify to trade spreads!”

Engaging Novice Investors: The Gatsby Method

Nobody has to be an advanced trader to understand that investing comes with monetary risk. Myers understands that there are many potential investors out there who are afraid to start due to the potential financial pitfall. He explained how getting started on Gatsby could help.

“I think it’s critical to see, transparently, what others are trading on in real-time. When you look at the Social Feed in Gatsby, you can see what others are trading. And if they’re bullish or bearish, and how frequently they trade. This is a key source of crowdsourced research and trade inspiration. And I think an important step to getting over that first hump – the ‘where do I start’ phase.”

— Jeff Myers, co-CEO

Myers hopes that Gatsby will have 100,000 new accounts by the end of 2021.

“[We] have launched crypto trading as well as additional options strategies. We want Gatsby to be the best mobile-based brokerage on the market, making it easy to place trades.”

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