HeyTrade and TrueLayer team for new retail investing app in Spain
HeyTrade, a new investment app in Spain, has signed with UK-based open banking platform TrueLayer “to deliver a new investment experience to the Spanish investors using open banking payments”.
Founded in 2020 and launching soon, HeyTrade aims to provide “all investors true access to global markets”, enabling users to trade over 700 US, European, and UK stocks and exchange traded funds (ETFs).
It is registered with the Comisión Nacional del Mercado de Valores (CNMV, the National Securities Market Commission – the government agency responsible for the financial regulation of the securities markets in Spain) as an agent of Beka Finance, Sociedad de Valores, a company authorised and supervised by the CNMV.
Using the TrueLayer platform, HeyTrade’s customers can connect their primary bank account to the trading app for instant funding – a “dramatically improved process”.
Ramiro Martínez-Pardo, CEO and co-founder of HeyTrade, says users will be able to open an account in under five minutes and “start trading right away”.
According to the research conducted by YouGov and TrueLayer, payments directly influence Spanish investor satisfaction. A quarter of them polled audience said they had missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles.
82% of the respondents said that instant transactions would lead them to trust an investment services provider more, and 88% said they were comfortable with using instant, direct bank transfers.
Francesco Simoneschi, CEO and co-founder of TrueLayer, says the deal marks a “milestone” in the company’s European expansion.