SOURCE: Openfolio

Lightspeed PR

October 16, 2014 09:00 ET

Investing Is Now Open: Openfolio Reveals World's First Open Investing Community, iPhone App

Openfolio Lets Users Benchmark Their Investments Against Others -- Instead of Investing in a Vacuum

NEW YORK, NY--(Marketwired - October 16, 2014) - Never invest alone again. Today, at a special presentation at getgeeked New York, Openfolio is proud to unveil its investment community and powerful iOS app. The new service launches investing into the 21st century -- when guidance from peers is just as important as advice from "experts."

The tool was created by co-founders and former Wall Street traders Hart Lambur and Yinon Ravid, who realized that investors needed a way to benchmark their performance and learn from the success of others. The result is Openfolio, which already has thousands of users following a beta test -- but today throws open its doors to anyone wanting to become a better informed, more confident investor.

The free service gives participants unique access to a community of investors both in and out of their personal network. By harnessing that community's wisdom, their decisions will be validated so they can invest with confidence.

"We believe in the democratization of finance," explained Lambur. "Personal investors have the right to information that can make them more confident and knowledgeable about their portfolio choices. This very radical concept is why the word Open is right there in our name. We are incredibly excited for everyone to take advantage of this powerful tool."

How it works

Anyone can join Openfolio -- no need for a brokerage account. Just log in at www.openfolio.com or download the app on your iPhone, and see what other investors are sharing.

If you are already have a brokerage account, or if you add one later, you can link it to Openfolio and instantly follow your holdings within the Openfolio environment -- no need to re-enter your stocks.

Once your account is set up, you give the people in your network visibility into the moving parts of your portfolio, like your stocks, mutual funds, and ETFs. In return you get the same access to their portfolios -- so everyone learns from everyone.

Portfolios are represented in percentages, never actual dollar amounts. You show people what you're investing in, but never how much you're investing. Not even Openfolio employees have access to the raw data you want to keep private.

You can view the portfolios of individuals outside of your network as well as those of legendary investors like Warren Buffett and Carl Icahn, whose portfolios are tracked from public sources and made available by the Openfolio team.

While Openfolio works great inside a web browser, it truly shines on its newly released iOS app, which places the information investors need at their fingertips with just a few taps. An Android app is also in development.

Frequently asked Questions about Openfolio

Q: I get plenty of investing tips from TV and the Internet. Why do I need Openfolio?

A: We're all inundated by information, tips, and "insights," but they all come from people armed with their own agendas. On Openfolio, you're exposed to the wisdom and insights of your network -- and your extended network -- people you know and trust. You know they're not just selling you information, because you can see what they're actually buying.

Q: Can I transact within Openfolio?

A: Openfolio, by design, is not a brokerage and does not enable transactions. It is a service that allows you to collect information and become a smarter investor. And it's free to use.

Q: Is Openfolio a social network?

A: No. Openfolio is not about socializing or meeting people. We are focused on helping our users inform and validate their investment decisions.

Q: Is Openfolio secure?

A: Yes, we use 256-bit SSL encryption for all information transfers, the same security measures used for online banking. All that information is secured by a third party that's kept the financial information of 40 million customers safe for more than a decade. And Openfolio has a read-only connection to your portfolio -- even if someone were able to access your account, they would be unable to trade, withdraw funds, or transfer money from your account.

Q: Will everyone see the performance of my portfolio?

A: Only if you're doing really well. If you're one of the top investors on Openfolio, we highlight your success, otherwise no one can see your performance -- and you can always opt-out and stay completely private.

Based in New York City, Openfolio was founded last year by former Wall Street traders Hart Lambur and Yinon Ravid, who have a collective 15 years of experience on the trading floor. This summer Openfolio raised $US1.8 million in a funding round led by the FinTech Collective. The company has a core team of six employees.

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