Written by: David Penn
OP Financial Group has chosen Finovate Best of Show winner Voleo as its partner to build and launch a new social trading platform for the European market. The company will join the Helsinki, Finland-based firm’s Wealthtech Partnership Program, having bested nine other fintechs that competed for the opportunity during OP Financial’s four-day Co-alignment Week.
Voleo offers a white-label, social trading app that enables investors to leverage their collective knowledge to invest together and pursue higher market returns. Users can build and manage investment clubs with the app, democratically managing portfolios by discussing and debating trades which are executed automatically by majority vote.
To help guide decision-making, Voleo provides a Definitive Return On Investment Decisions (DROID) score that helps users spot and follow along with the best performing investment clubs and individual investors on the platform. Designed to both lower the costs of and barriers to entry for less experienced investors, the app is available on both iOS and Android, as well as via the web.
The OP Wealthtech Partnership Program consists of a four-month intensive collaboration period, with three “co-creation phases” featuring workshops, advisor meetings, and networking. OP Financial Group is the largest financial services group in Finland, and its partnership program is one way to help companies access the Nordic market.
“I am thrilled for the opportunity to collaborate with OP and its program partners, Accenture, CGI, and Siili, to deliver our seamless and secure solution that empowers people to invest together in a way that’s never been possible,” Voleo CEO Thomas Beattie said. “There is a robust future demand for mobile investing technology and Voleo is already capitalizing on the massive generational wealth transfer in North America.”
Voleo demonstrated its platform at FinovateFall 2017, winning Best of Show honors. Featured last month in Retail Banker, Voleo began the year with a business combination with Logan Resources, and reports that it has experienced consistent user growth of 20% per month since the company’s “soft launch” in 2017. That year, Voleo partnered with Nasdaq to launch an equity trading competition which offered $10,000 in real cash portfolios to winning investors and teams. The company was founded in 2015, and is based in Vancouver, British Columbia, Canada.