Financial tech firm Rubicoin raises €1.2m

Dublin-based financial technology company Rubicoin plans to launch its suite of stock investment apps in five more countries in the next two years on the back of its latest funding round.

The three-year-old UCD spinout company yesterday announced the raising from new and existing private investors of €1.2m; bringing to €3m the amount it has raised since its establishment in 2013.

The money will partly go towards product development but mainly to helping it launch in more countries, other than the US where its apps have until recently only been accessible.

While now technically downloadable in around 140 countries, Rubicoin plans to formally launch and market (most of its users are reached via referrals or through social media advertising) in more English-speaking countries.

Nearly 90% of its 150,000 app downloads have been executed in the US.

Co-founder Emmet Savage yesterday said the company has also budgeted for an increase in its staff, which currently numbers 13, as the business grows.

Rubicoin’s ‘Invest’ app is seen as one of the only new-generation tools aimed at long-term investors, rather than short-term stock traders.

In the medium-term, the company also plans on widening its scope beyond US-quoted stocks.

“From the very beginning our mission has been ‘to get the world investing successfully’. Our latest funding round will assist our successful expansion into new markets, which is a very exciting prospect for us,” said co-founder John Tyrrell.