HDFC Bank, HDFC Securities invest $1 mn in global investing platform Stockal
HDFC Bank Ltd, India’s largest private sector bank by assets, and HDFC Securities Ltd have invested $1 million in Borderless Softtech Pvt. Ltd., a subsidiary of US-based Borderless Investing Inc., which runs Stockal, a global investment platform, as part of the latter's Pre-Series A funding.
This partnership will widen the company’s subscriber base by expanding growth opportunities, allowing Indian investors access to over 5,500 US-listed companies' fractional stocks, and expert-curated Stacks & ETFs, a release issued by Stockal said.
HDFC Securities was the first financial institution to partner with Stockal to help drive its growth in the country.
Speaking on this partnership, Smita Bhagat, country head, HDFC Bank, said, “Our funding decision was based on the strength and resilience the Stockal platform has shown in India, especially in the past few months…With the demand for US stocks growing in the country and the trust we have developed working with the team, we believe that we will be able to create a one-stop solution to all investment needs for our subscriber base."
Dhiraj Relli, MD& CEO, HDFC Securities, said, "Global Investing through Borderless’s brand ‘Stockal’ has been instrumental in our overarching approach of helping our customers diversify their investments. We have seen great interest in US equities, which is further complimented by the seamless investing experience offered by the platform."
Stockal processed about $550 million in transactions last financial year and by March 2021, the platform processed more than $50million in monthly transactions, the release added.
“Getting funded by HDFC Bank and HDFC Securities, the leading banking organization and also our customer is a testimony to the growth potential of international investing and our Stockal brand. HDFC Securities was the first leading financial organizations to partner with the company, when we arrived in India. Our relationship with them has now transformed and we believe that this partnership will continue to be instrumental growth driver in our endeavour to seamlessly mobilise cross-border investments in India. This funding will enable thousands of Indian investors to get exposure to opportunities offered by the global markets as we further expand our capabilities to markets in South-East Asia and Europe," said Vinay Bharathwaj, Co-CEO and Co-Founder of Stockal.