Finance social network Scutify raises $1.5M from private investors

Scutify, a social network for the finance community, announced today that the company raised $1.5M from private investors at a $25 million valuation. Scutify will use the funds to grow its user base and continue developing a central hub for financial chatter, news, analysis and live trading.

With over 100,000 mobile downloads and 20% user growth each month, Scutify has become a trusted platform for finding and sharing finance ‘scuttlebutt’ around stocks, commodities and Forex. An aggregator of news, social chatter, financials and analysis, Scutify saves investors and traders from the hassle of monitoring dozens of websites and social networks. Scutify’s social conversation revolves around “Scuttles” – 280 character posts that let investors and traders share the latest news well ahead of the mainstream media.

The new funding will be used to grow Premium Scuttles, a new platform for investors, traders and money managers to sell monthly or yearly content subscriptions to a receptive finance community. Instead of having to manage their own websites and market for subscribers, financial thought leaders can now offer reports, charts, stock picks and commentary via Scutify, where there’s already a large and engaged finance community. Essentially an “Etsy of Finance”, Premium Scuttles offers high-grade financial information without the outrageous prices of mainstream finance research shops. Unlike subscription content found at random on the web, all content on Premium Scuttles is thoroughly vetted for quality.

Scutify will also use the new funding to expand its live trading platform. Through a partnership with Tradier Brokerage, Scutify currently allows users trade stocks and options directly from its website and mobile apps. By letting Scutifiers buy or sell with one tap or click, the service closes the gap between finding news and taking action.

“We’re pioneering a new business model that combines financial chatter, analysis, research tools and trading in one place – no one else has done this,” said Cody Willard, co-founder and Chairman of Scutify.”

“I invested in Scutify partly because I like and use the platform, but mainly because I believe in the management team,” said Jake Fawcett, a new investor in Scutify. “I’ve watched over the past year as Kheang and Cody have innovated and improved the platform, making it a potentially very valuable tool for users, and I expect significant growth in membership and profitability will eventually follow.”

Scutify is available on iOS, Android and the web. Scutify for Google Glass is currently in beta.

To learn more, click here.

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