Goldex, a gold trading app which prides itself on “ethical pricing”, has raised over £1 million in a pre-Series A funding round.
According to TechCrunch, the round included participation from Prepaid Financial Services; Gaël de Boissard, former executive board member of Credit Suisse; Richard Balarkas, former president and CEO of Instinets; and Craig James, founder and CEO of Neopay.
Goldex was launched earlier this year by Sylvia Carrasco and Fernando Ripolles, former electronic trading pioneers from Credit Suisse and UBS. The pair wanted to remove barriers to retail gold trading and tackle questionable practices in the investment markets.
Carrasco, who is CEO, told TechCrunch that the funding has “taken us a step closer to becoming the leading gold trading platform that is both ethical and fully transparent to consumers”.
Goldex claims to discover the best price among all the gold dealers offering bids and offers within its platform. Unlike competitors, Goldex does not set its own prices for buying and selling gold, but instead directs all orders to the largest global peer-to-peer gold exchange in five international vaults.
According to the company, this ensures savings of up to 12% on the trades and helps with avoiding price manipulation.