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TipRanks began in 2012, and its Financial Accountability Engine measures and ranks anyone who gives financial advice. The software uses algorithms for natural language processing to keep track of any event that is written about online and to analyze and collect financial data from a variety of online sources. The platform then uses these datasets, along with technical and fundamental indicators, to make advanced tools for investors to use when making investments.
TipRanks says that the engine has become popular on Wall Street and is used by most banks to rank analysts.
TipRanks is only in Tel Aviv right now, but with the new investment, the company plans to open new sites in New York and hire twice as many people. So far, 60 people work for the company.
Uri Gruenbaum, the CEO of TipRanks, said, “We are the only company that ranks analysts based on their performance rather than the prestige of the bank they work for.” We are also the only company that makes aggregated analyst ratings available to individual investors. This gives investors access to information that would normally cost tens of thousands of dollars each year.
“We’ve used our popularity and good tech skills to make more tools and datasets available.” This has made it possible for regular people to get the same information as the biggest asset managers. We look at all financial news, corporate filings, analyst research, and social media to give small investors the same level of information that only big investors can afford.
Over the past year, TipRanks’ subscription sales grew by 300%, and the company now has more than four million monthly users. It also has an enterprise solution that is used by eToro, Bank Santander, Nasdaq, and other financial institutions.
Gruenbaum continued, “Our platform helps millions of investors evaluate ideas and make decisions based on data.” We plan to use the new money to make and buy more exclusive datasets that will give small investors a real edge. “We will also add more asset classes and markets to what we cover.”
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