Version 2.0 amplifies and advances its “social investing” strategy and service. Specifically, Grain allows users to “play” investing with friends before committing funds to actual investments. The app helps its investors discover investments, but is not an investment advisor. This is also Grain’s first iOS app.
Grain, based in San Francisco, now employs social hooks to help neophyte investors connect with friends, and learn about putting their money to work for them. This is not so much because you want to get investment advice from friends, CEO Joe Mueller told Bank Innovation, but rather that users expressed an interest in sharing with friends what they were thinking about in terms of investing.
Investing has been called millennials’ “money blind spot,” but Grain is one of a few new services tackling that problem by connecting young people to investing via digital channels.
“My team and I built Grain to help new investors take their first steps in building their own portfolio,” Mueller said. “Our vision is to be the place where you go to take complete control of your investments, without feeling overwhelmed by piles of data and confusing reports.”
Of the social aspect, Mueller said Grain customers will “invest with your friends and family (think Venmo-style activity feed). You’re not in this alone, so you shouldn’t feel that way. You can open your own investing account in less than 2 minutes (powered by Third Party Trade LLC, member FINRA & SIPC), or simply link a pre-existing account with a major U.S. broker.”