The share price of trading app platform SelfWealth Ltd [ASX:SWF] is trading 2.8% higher at the time of writing, after announcing its long-awaited US debut.
It means the company will now be able to reach a much broader customer base, marketing its digital trading platform to US customers and going head-to-head with some staunch competition.
Let’s unpack what management had to say…
Flawless start, but a long road ahead
According to SelfWealth, the app officially launched on Monday (14 December), with a flawless delivery that has overseen the perfect start to this new endeavour.
Furthermore, the app has already attracted more than 7,000 users, many of whom took advantage of a pre-registration event that began on 7 December. A strong sign as to the kind of demand that SelfWealth is aiming to capitalise upon.
As Managing Director Rob Edgley notes:
‘To reach the milestone of more than 10% of SelfWealth’s existing customers registering for US trading in such a short amount of time is a significant achievement and many months ahead of our expectations.
‘The participation of new and existing clients in the US market through our trading platform will add two additional revenue streams, foreign exchange revenue and USD brokerage to the SelfWealth business model from this week.’
So, it’s all good news for this budding stock and its shareholders.
This company is rapidly making a name for itself — and is quite possibly positioning to become the next big fintech success story.
After all, we’ve seen just how incredible the US market has been for companies like Afterpay. Granted, SelfWealth isn’t a ‘buy now, pay later’ (BNPL) provider, but still — the opportunity for growth should be huge.
What’s next for the SelfWealth share price?
With the US launch done and dusted, now SelfWealth must turn its attention to user acquisition.
The release of a new native iOS and Android app will certainly help in this regard, potentially providing a much smoother and streamlined process for users to download the app.
That should be made available in the coming weeks, according to management.
Beyond this, though, the company will be working hard to win over customers, competing with rival investing platforms to offer the best solution.
So, for investors, it will be an exciting couple of months. We’ll be watching and waiting to see how well-received SelfWealth is in the US.
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Regards,
Ryan Clarkson-Ledward,
For Money Morning
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