Pluto.markets, a Danish challenger neobroker, has successfully raised $2.6 million in a recent funding round, signaling its intent to disrupt the brokerage market in the Nordics and beyond. Founded in 2021 by Joakim Bruchmann, a former Goldman Sachs trader, and Oscar Vingtoft, a seasoned software engineer, the startup aims to replicate the success of disruptors like Robinhood and Trade Republic.
The journey of Pluto.markets has been marked by a notable rebranding, as CEO and co-founder Bruchmann humorously recalls, “When we founded the company, we were initially called StockTalk which didn’t stick with anyone.” Following candid feedback from an angel investor who bluntly opined that their original name “sucked,” the team decided to pivot, eventually adopting the name Pluto.markets.
The recent funding round, led by Magnetic, a prominent Berlin-based technology investor, underscores investor confidence in Pluto.markets’ vision and potential. Additionally, support from notable investors including the founders of Pleo, Zendesk, Sitecore, Synthesia, and backing from Y-Combinator, Nordic Makers, and angel investors further validates the startup’s trajectory.
With plans to launch in Denmark as its inaugural market on July 1, Pluto.markets is poised to introduce its NextGen investment experience to a broader audience. The startup’s focus extends beyond Denmark, with ambitious plans to expand into new markets every six months, starting with the Nordics. Its target demographic encompasses the 100 million Europeans residing in countries with their own local currencies, such as those in the Nordic region.
Pluto.markets differentiates itself from traditional brokerage incumbents by offering a lean, user-centric platform that prioritizes accessibility and transparency. Unlike legacy players that levy high commissions and offer limited asset options, Pluto.markets aims to democratize investing, catering to individuals without financial backgrounds.
Addressing inquiries about its competitive positioning, Bruchmann emphasized Pluto.markets’ commitment to delivering a superior user experience with lower fees across investing and saving. With regulatory approval and new funding in hand, the startup is poised to challenge established Nordic incumbents such as Nordnet, Avanza, and Saxo Bank, leveraging its innovative platform and customer-centric approach.