Spaceship expands to include US markets
Spaceship users can now invest as little as $10 in a range of US-listed ETFs and stocks.
Launched yesterday, Spaceship's new US investing service is available for just $2 extra a month to Spaceship Voyager customers who can execute unlimited trades with a minimum investment of just $10.
"Spaceship has prioritised simplicity in the investment process by highlighting a selection of US ETFs aligned with the company's forward-thinking, sustainable, and traditional investment themes," it says.
"When it comes to stocks, investors will be spoiled for choice, with internationally acclaimed companies such as Tesla, Apple and Nvidia available for purchase. This diverse array of options enables investors to craft a portfolio that aligns with their financial goals, risk tolerance and personal preferences."
Spaceship chief executive Andrew Moore says the aim is to democratise access to the US market.
"Our mission is to transform the way young Aussies think about and invest their money, and this new US Investing service plays an important role in expanding our investing ecosystem," he says.
He added that the solution comes after customers expressed desire "for more varied and diversified options in the form of ETFs".
"Some also wanted the option to invest more in companies they love, which is why we are also making individual stocks available," he says.
"One of our core values is being forward-thinking, which is what our Where the World is Going investing philosophy is founded upon.
"We believe that the tech-leaning nature of US markets stays true to this, giving our customers the ability to participate in the global economy and capitalise on the growth potential of leading US companies."
All transactions will be conducted in Australian dollars, with a small foreign exchange fee applied.
"We are making accessing the US market easier than ever before, while also encouraging healthy, long-term investing behaviours for our customers," Moore says.
The launch of the new service follows Spaceship getting a capital injection from Mike Cannon-Brookes' family office Grok Ventures and Horizon Ventures, the private investment arm of Li-Ka Shing. The additional $6 million was extended via an existing convertible note facility.
It says the additional funding will support Spaceship's growth initiatives, including new products and the expansion of its existing operations, including the new US investing service.
This article first appeared on Financial Standard
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