CEO Alexander Wallin is the Swedish-born founder of Sprinklebit, an app for trading that he wants to expand to include cryptocurrencies.
Stock pickers can beat the market if they team up. That is the idea behind Alexander Wallin’s fintech startup Sprinklebit, which he runs from an office at 48 Wall Street, smack in the center of the finance mecca.
It’s an address that still opens doors in the traditional banking world and might have helped when they raised $10 million in private equity last year.
Even though based in New York, Wallin spends much time elsewhere trying to persuade bank bosses that social is the future of investing.
“My goal is to teach as many people around the world how to invest,” Wallin told Business Insider Nordic.
Founded in 2011, Sprinklebit was born a global company. It has offices in New York and Stockholm, while coders are working from Ukraine. Asia is the company’s biggest market, where it’s growing so fast the company is now on a recuriting spree.
“We’re hiring almost one per week. Today, we have a staff of 25 people, but it should be doubled until next year.”
In Sweden they have partnered up with Swedbank, one of the Nordics’ largest banks. When launched last spring, Swedbank’s customers were offered to download the app as an extra service.
Sprinklebit partners exclusively with one bank in each region, and is now scaling up all over the world. Alexander Wallin says that they are talking with 60 banks right now, of which 16 are “really interested and some in pipeline”.
“The nice thing is that we don’t have to spend a cent on marketing. Content that goes viral is also important for us – users share their trades and invite their friends.”
A meeting point for traders
The plan is to become the go-to-place for investors online by offering all kinds of services. A sort of Facebook for traders, where they can socialize, follow each other’s portfolios, compete in quizzes and trade with virtual money.
Users in the US are also able to buy and sell stocks directly in the app, which will soon be the case for Swedish users as well, according to the plans.
“People who realize that if they only put a tenth of the time they spend on Facebook can start making money on money.”