- A flurry of new investing apps have launched
- While not burdened by legacy technology, the route to profitability is tough
At least six investment apps have launched in the UK since the pandemic kicked in as new investors continue to set up accounts in droves. Since GameStop (US:GME) first soared to stratospheric levels over half a year ago, platforms feared that new customers may be put off investing for life when the bubble burst - but new figures suggest people are still flocking to set up accounts.
According to an analysis of the investment app market by the app analytics and marketing platform App Radar, the UK’s top 10 investment apps gained an estimated 1.6m users via Google Play Store since March 2020, with 140,000 of these customers joining in May 2021 alone. The analysis also finds that Plum and Freetrade were the most downloaded apps on Google Play Store with 381,000 and 320,000 respectively, while Hargreaves Lansdown had 273,000 and interactive investor had 29,000.