KTrade, a stock trading application owned and operated by Karachi-based brokerage firm KASB Securities, raised $4.5 million in a round of financing led by Hong Kong investment company TTB Partners and New York-based global VC HOF capital.
It allows its users to register for a brokerage account and start trading at prices as low as 5,000 PKR (32 USD). According to the company’s statement, it charges 0.03 PKR for stocks priced at or below 20 PKR and 0.15% for stocks priced above 20 PKR.
Since the launch of the mobile application, a total of 200,000 people have registered to access research and virtual commerce.
Ali Farid, chairman of KASB, previously served as the chief financial officer of SafeCharge, a British financial technology, said in a conversation with MENAbytes that nearly thousands of users use the app to trade stocks.
The trading volume provided by your broker now comes from the app.
Ali Farid said in a statement, “KTrade will allow these mobile device populations to participate in investment opportunities first. By connecting these people with businesses, we can increase The capital trapped in non-performing assets in the formal economy ultimately promotes a virtuous circle of economic growth and increased investment.”
Jonathan Bond, the managing partner of TTB Partners, who leads KTrade’s financing, said: “Pakistan and South Asia have some of the most exciting market dynamics and demographic data in the world.KTrade has the ability to take advantage of the democratization of finance in the region. We are very happy to invest in the latest round of funding for KASB and support Ali and his world-class team on their ongoing journey.”