Penny Stock is a platform for buying and selling stock.
It allows people to buy and sell shares of stock, then use the app to buy or sell them to the public.
The company has raised $10 million in funding from companies including Union Square Ventures and Andreessen Horowitz.
The app, which has launched on Android, iOS and BlackBerry, is still in the early stages and is currently in beta.
Penny Stock CEO Andrew Crouch told Business Insider that the app was originally launched to attract people who were into trading but that it has grown to be a tool for investors to take control of their money.
He said the platform is not meant to be used for trading or speculative purposes, but instead to help people better understand the fundamentals of the stock market and how they could invest their money effectively.
“It’s a tool that we hope will empower people to make more informed decisions in their investment portfolios, particularly in the short term,” he said.
The Penny Stock team was formed in 2016.
In 2018, Crouch said the team had been working on the app for around three months.
Crouch also said that it was “not for the faint of heart”.
“It is meant to give people an insight into the market and provide them with a better understanding of what’s going on in the market,” he told Business Insiders.
“We believe in a market that is fair, transparent and transparently trading and we are really trying to make that happen.”
Penny Stock launched on August 2 and has so far raised $9 million.
The firm also has a token sale planned for November.
Pennystock is owned by London-based broker Brian Nairn, who has also previously launched an investment platform, Quant Trade.