he ‘small-investment’ by Trade Me came to $4 million, paying $14.11 per share. This investment has made Trade Me Sharesies largest shareholder, which now values the firm at $24.4 million.
"We think making investing more consumer-friendly can do great things for New Zealand consumers while opening up big revenue pools," Trade Me said in its annual report. "This is also another step in us building out a vibrant New Zealand online ecosystem."
Sharesies came out of the Kiwibank-sponsored 2017 fintech accelerator, providing an online platform for people to make regular small investments in a range of funds. It launched in June last year and as at July 31 had signed 20,000 customers and facilitated $21 million of investments.
The start-up doesn't charge on portfolios of $50 or less. Portfolios between $50 and $3,000 attract a $1.50 monthly charge and those over $3,000 have a $3 monthly fee. Investors can access 13 funds offered by AMP Capital, Pathfinder Asset Management and NZX's Smartshares exchange-traded funds
The investment suits the Trade Me Kiwi focus, as Sharesies prides itself on being focused on Kiwi companies. The platform includes option to invest in our top 50 companies as part of an investment plan. The announcement comes after long-time CEO Jon Macdonald recently announced plans to leave the company.
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