CMC Invest Teams Up With TipRanks To Offer Australian Traders Stock Research
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According to reports, the Australian branch of CMC Invest, a stock trading platform under CMC Markets, now allows its users to access TipRanks, a market research tool from Israel. Since Thursday, users of CMC Invest have been able to use TipRanks on the investment platform.
Kurt Mayell, the Head of Distribution at CMC Invest, noted that CMC has a long-standing promise to give investors access to top-quality investment resources and tools.
The Partnership Helps Investors Use The Platform To Make Data-Driven Decisions
Mayell added that this strong partnership lets the firm’s investors use this top-class interactive platform to make choices based on data, helping them to pick better options.
Outside Australia, the CMC Invest brand also runs in Singapore and the United Kingdom. However, for now, the TipRanks partnership only covers the Australian branch, with plans to bring it to users in Singapore soon.
CMC Invest has also grown to become the second-biggest share trading service in Australia, with over 1 million clients. This lead came after Australia’s ANZ Group moved its investing clients to CMC Markets in 2021.
The London-based CMC also provides contracts for differences (CFDs) for Australian traders through the CMC Markets brand and teams up with institutions via CMC Connect.
CMC’s presence in the region grew stronger when it teamed up with New Zealand’s ASB Bank, a renowned financial institution in the country with about 1.5 million customers, to offer white-label technology.
Founded in 2012, TipRanks runs a stock research platform that offers special data to retail traders. It applies natural language processing to study the performance of expert analysts for its services.
TipRanks Helps More Than 50 Million Users Every Month
TipRanks has grown a lot over the last 10 years, becoming a big name in the financial data world. Its services are now used by over 100 banks, trading platforms, and financial institutions worldwide. The platform helps more than 50 million users every month and works with well-known financial institutions such as Robinhood, Nasdaq, CIBC, TD, Morgan Stanley, and Rakuten.
The Chief Executive Officer of TipRanks Uri Gruenbaum noted that the team thinks that technology can play a big role in improving results for every investor. This will allow individuals to use insights and tools that were once only for large institutions.
In August, Prytek bought TipRanks in a deal worth around $200 million. Prytek’s connection with TipRanks goes back to 2017 when it invested in the platform. Prytek’s aim was to share TipRanks’ services with its financial institutions network.
In May 2021, according to reports, Prytek made a big investment in TipRanks. This step is part of Prytek’s bigger plan and helps TipRanks use NLP technology and machine learning to make investment decisions easier for retail investors.
After the success of this partnership, Prytek decided to take over TipRanks fully and add it to its financial services unit, which already partners with well-known global financial institutions.
