Gotrade, a Malaysia-based investment app, has partnered with global payments firm Wise for cross-border money transfer services.
Before the partnership, GoTrade said that its users needed to pay a hefty wire fee and a marked-up exchange rate when topping up their investment accounts. Now, users only need to pay Wise’s upfront fee for their transactions.
“This integration is game-changing as it truly elevates the idea of investing without borders by making opening an account, funding an account, and trading on an account a great experience,” Gotrade founder Rohit Mulani said in a statement.
Founded by Mulani, Norman Wanto, and David Grant in 2019, Gotrade allows users to buy fractional shares of firms listed on US stock exchanges. Earlier this year, Andrew Haryono joined as a co-founder after the firm’s deal with Valbury Asia Futures to enter the Indonesian market.
The company said that it has 500,000 registered users and that it has facilitated more than 5 million trades worth over US$400 million since its establishment. Last month, it raised US$15.5 million in a series A round led by Velocity Capital Fintech Ventures.
Meanwhile, Wise is a fintech firm that offers payment infrastructure to its customers. It was founded in 2011 under the TransferWise name and has worked with more than 20 banks, 11 enterprises, and 12 distribution partners across the world since. The firm processes more than US$7.4 billion in cross-border transactions every month.