On November 3rd, 2022, it became public that Public.com, a zero-commission stock trading platform from the United States, was getting a new European license. With its reputation with famous investors like Tiger Global Management, Greycroft, and Accel, Public.com is set to extend this list further in 2023.
What You Need to Know About Public.com's New License
Despite the failed negotiations between Public.com and Dutch peer Bux, the company, valued at $1.2 billion in 2021, the platform is set to launch a waiting list for non-US users. This is part of the platform's strategy for expanding its available assets inventory, including cryptocurrencies, non-fungible tokens (NFTs), and alternative assets.
Public.com made its latest expansion bid public via its medium account. The post read, "soon, Public's app will be available to download in a wide range of new markets." The platform assures its clientele that international investors will be able to process their country's currency into the US dollar on the platform and invest in any asset(s) of their choice.
There are speculations that the company plans to grow its business by applying for licenses in a few local jurisdictions and acquiring local firms. These speculations do not, however, specify the European market Public.com is targeting.
In briefing the public about the company's motive for delving into the European Market, the co-founder and co-CEO of Public.com, Leif Abraham, said, "there is a big opportunity in Europe as there are not as many mature players in the space as there are in the US." He added that introducing the platform to the European market will better the trading experience of investors.
The trading platform, Public.com was created in 2019. In tandem with how the pandemic blew up the popularity of cryptocurrencies, the platform's success can be traced back to the pandemic period, as it made a double-digit monthly growth that year alone. In 2021, Public.com became a unicorn with a more than $1 billion valuation.
Following a $65 million Series C financing in December 2021, the public has already purchased two firms this year alone. Future inorganic development options for the fintech company include the addition of the alternative asset investment firm Otis and the data visualization startup Hypercharts.
Currently, the platform provides free access to trading fractional shares of cryptocurrencies, non-fungible tokens (NFTs), and other assets. The management is co-headed by Jannick Mallling and Leif Abraham.