FNG Exclusive… FNG has learned that Singapore based fractional share brokerage startup GoTrade has raised a $7 million seed financing round. The round was led by London based VC firm LocalGlobe, with participation from Social Leverage, Plug and Play Tech Center, Soma Capital, Taurus Ventures, 22VC, Y Combinator, Amand Ventures, Rapyd , Voveo Capital, and Picus Capital.

GoTrade was founded by former OANDA and FOREX.com executive David Grant, who serves as GoTrade’s COO. Mr. Grant was APAC Chief Operating Officer for OANDA until mid last year, after having served as Chief Operating Officer – APAC for GAIN Capital (FOREX.com) from 2015-2019. He has also worked for Charles Schwab, City Index, Goldman Sachs, and E*Trade. His co-founders at GoTrade include CTO Norman Wanto and CEO Rohit Mulani.

GoTrade is set up as an offshore entity, formally incorporated as TR8 Securities Inc. which is licensed to carry on business as a Labuan Securities Licensee under the Labuan Financial Services and Securities Act 2010 (License No. SL/20/0014). Custody, clearing and execution services for GoTrade are provided by US broker Alpaca Securities LLC (member FINRA, SIPC).

App-based GoTrade aims to bring fractional trading in US shares to retail traders outside the US. Fractional share trading has become increasingly popular among US retail traders with many if not most online brokers following in the footsteps of Robinhood to offer fractional shares. The practice allows retail traders with smaller purses to buy and sell shares in companies with prohibitively high share prices.

GoTrade announced that it just passed the 100,000 client mark, marking a 20% increase in just the past seven days.