New social investing app AleFi launches in US

A new investment app has launched in the US promising to better serve retail traders and provide social investing.

AleFi will allow subscribers to view the portfolios of professional investors

AleFi argues that a “growing number of uneducated retail investors” are losing money in the stock market by “gambling instead of investing”.

It says 90% of new retail investors lose 90% of their money in 90 days.

AleFi aims to provide its users with a way to follow credible investors and view their portfolios.

The service will charge customers $5 a month to gain an insight into the trading portfolios of successful investors. The fees are split 20/80 between the company and the investor.

AleFi also promises faster and more reliable API technology for real-time data retrieval, which it claims is independent of third-party infrastructure like Plaid or Alpaca.

As an app promising social engagement, it will also “fully integrate” with platforms which have been key drivers of retail investment: Reddit, Twitter, and TikTok.

The fintech is led by co-founders Daniel Brener and Mike Roberts.

Brener describes himself as a “finance enthusiast” on LinkedIn. He has operated as a franchise investor across Miami since 2018.

Prior to that he spent seven months at paper and pulp company Suzano and 18 months at food giant Kraft Heinz as a finance manager and analyst.

Roberts currently works in US leveraged capital markets for Dutch banking firm ING. He also spent three years at JP Morgan working in treasury services.