Today, it seems there’s an app for anything. Need a ride somewhere? There’s Uber or Lyft. Want to pre-order your fast food? Most major companies have their app to make your fast food even faster. Now, there’s a trading app by Goldex that says it powers an “ethical pricing” for direct gold investments. It has raised over £ 1 million, or $1.25 million, in a pre-Series A round that is led by a group of institutional investors and angels.
Goldex: Who is Involved and How it Differs from Competition
A European payment card issuer, Prepaid Financial Services is among those participating in the round. Former Executive Board Member of Credit Suisse, Gaël de Boissard; Former president and CEO of Instinet, Richard Balarkas; Founder and CEO of Neopay, Craig James; and former global head of IT trading technology at Credit Suisse, Nachi Muthu are also participants in the round.
Goldex saw its beginning in the later days of July this year. Former City, electronic trading pioneers from Credit Suisse and UBS, founded the company. Both Sylvia Carrasco and Fernando Ripolles wanted to remove barriers to retail gold trading and address the questionable practices found in the gold investment markets.
The U.K. app claims it discovers the best price among all the gold dealers offering bids and offers in the Goldex platform. Carrasco, CEO of Goldex, says the funding has helped them come closer to becoming the leading gold trading platform. Not only is Goldex ethical, but it’s also fully transparent to the consumers.
As with almost anything, there is a competitor for the new gold app: Glint. Goldex, however, holds no physical gold, whereas Glint does. The rival company sets the price for buying and selling the precious metal.
Instead of physical gold, Goldex routs all the orders from clients into the most significant global peer-to-peer gold exchange. There are five international vaults, located in London, New York, Singapore, Toronto, and Zurich. The company says this ensures a savings of nearly 8 to 12 percent on the trades and attempts to avoid the manipulation of price along with improving the transparency over the charges.