By Nancy Dahlberg
Investment platform Atom Finance is opening a Miami office on the heels of raising $28 million in a Series B funding round led by the Miami-based SoftBank Latin America Fund.
The New York-based startup's Miami office will be headed by Atom Finance founder and CEO Eric Shoykhet, who has already moved to Miami, and the office will make it easier to do business with Latin America. Atom expects to add up to 20 employees in Miami over the next 12 month, and is hiring for a variety of new engineering, product and business development roles at competitive salaries, the Miami Herald reported.
"Our partnership with SoftBank and new capital will allow us to reach more investors, continue to enhance the experience we provide to users, and accelerate our B2B product integration efforts with financial institutions,” Shoykhet said in a statement.
The new funding comes on the heels of the firm’s recently announced partnership with Banco Inter, the full-suite digital platform for Brazil’s banking market, and the startup is exploring other white-labeled partnerships in the region.
Atom was built by investment professionals for individuals to modernize their investment experience. The platform lets individuals track their investment holdings while providing access to financial information, analyst estimates, SEC filings and other research. A subscription costs $9.99 a month, way less than a Bloomberg Terminal. “We created Atom to provide unparalleled access to institutional investing resources and tools, filling the white space between overpriced, clunky institutional platforms and antiquated websites tailored to retail investors,” Shoykhet said.
With retail investor interest accelerating at a record pace in the U.S. and globally, driving increased consumer expectations for financial market intelligence, Atom’s business has boomed too. Its premium tier subscribers have increased more than 250% since the start of 2021.
Founded in 2018, Atom Finance has raised nearly $50 million in venture capital, and is part of the Miami-based Pareto Holdings portfolio. Massachusetts-based General Catalyst and Brazilian venture capital firm Base Partners also participated in the current funding round of funding led by SoftBank.
“Atom is disrupting the investment research market through the implementation of best-in-class technology, software and sector expertise,” said Shu Nyatta, Managing Partner at SoftBank’s SBLA Advisers Corp. and head of SoftBank’s Miami Office, in a statement. “SoftBank is excited to partner with Atom as they pioneer a modernized investment experience for both investors on its platform and through B2B product integrations with financial institutions worldwide.”
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