Picking winners in the stock market can be a great way to grow your wealth, but for those who do not know what they are doing (or even for those who do), jumping right in and putting your money on the line without a bit of preparation is not necessarily a good idea. Finnish startup Stonder has therefore unveiled a platform that enables users to get some experience and to test their skills, while competing against others in the process, before beginning to invest for real.
Stonder is pitched as a way for those interested in the stock market to follow companies and test their ability to pick winners, while avoiding the pain of losing your money. The service works by allowing users to swipe through stocks, selecting from 3 positions (buy, short, or none) and then tracking your performance. In addition to picking the stocks, the service also allows users to rate the companies that they pick and add comments, if desired. And then they provide 7, 30, and 90-day leaderboards that allow users to see how they stack up against one another.
Stonder has yet to monetize the platform, with the startup’s CEO telling me that they have business-models planned, but are not yet ready to implement them.
The service, which is available on Android and iOS, went live last November and the startup tells me that they have attracted more than 40,000 users, who have left 200,000 remarks.
For now, the startup’s 4 co-founders are financing the project themselves. Like many startups, Stonder is planning to expand to new areas, but did not go into detail. They are also planning to use the data that they collect to form a model portfolio, which could be used to run an equity fund. Finally, the startup says that they are considering rolling out advanced features, which would be accessible through in-app purchases, but declined to reveal specifics about this.