Technology has already brought the world together in so many ways, and has democratized various industries like publishing, funding, and so many more. Now these founders want to steal stock trading from the rich and make it available for everyone on a global scale. Fate Impact is set out to be the first platform that enables Pakistanis to invest in US stocks and ETFs directly, with zero fees or zero commissions.
We strongly believe that global investment opportunities should be available to individual investors throughout Pakistan and the process has previously been overly complex for no reason whatsoever”, said a spokesperson for the company.
Previously, there were two core pain points when it came to investing overseas: foreign investing was too expensive, and the process was very cumbersome i.e. people would think about it but then give up due to its complexity. But most importantly, no platforms allowed fractional investing – this basically meant that to buy a single share of a company like Amazon, investors would have to dish out ~Rs. 5 lakhs, and not many people are able to afford that. However, with the introduction of fractional investing, we believe we’ve changed the entire premise of how Pakistanis approach investing going forward.
The app would attract a younger, less wealthy demographic (Gen-Z and Millennials) to the stock market because people can trade smaller amounts without having their potential earnings eaten up by the fees or expensive stocks. If you’re an older, successful person investing tens of thousands of dollars or more, measly fees or brokerage minimum amounts won’t matter much. But if you’re young, on a budget, and only want to spend $100 (~Rs. 15,000) on buying stocks, the $5 – $7 (~Rs. 800 – Rs. 1200) fees end up being a steep price to pay. You’re basically losing the amount the stock market appreciates in a year in just commissions and fees, and by eliminating these ambiguous fees, it becomes financially viable for the average person to get into trading.
If this platform catches on, it could not only get a younger generation of Pakistanis playing the market, but it could also start them on the road to financial expertise and financial freedom, that will serve them the rest of their lives. When it comes to learning about money, the earlier someone gets started the better it will be for them going forward and Fate Impact is out to prove that young people in Pakistan, do care about investing and their future – it had previously just been too expensive and complicated for them to invest.
Fate Impact has shown that there is clearly demand for such a platform, with over 100,000 people already signed up, along with raising over $1 million in funding. The app will launch in early 2021, and you can sign up here to be in the first wave of users granted access.
(Syndicated press content is neither written, edited or endorsed by ED Times)
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