GAMESTOP FRENZY SPARKS ZEAL FOR STOCK-TRADING APPS

The recent trading frenzy centred on Gamestop Corp. and other “meme” stocks is sparking a wave of investor interest in startups aiming to mimic the success of Robinhood Markets Inc., whose no-fee brokerage app has helped drive a trading boom. Public.com, a direct competitor to Robinhood that boasts a host of blue-chip backers, said Wednesday it raised US$220 million, valuing it at US$1.2 billion on the private market. Another well-heeled rival, Stash, said this month it had raised US$125 million, while Webull Financial LLC, backed by Chinese investors, is also raising fresh funds after enjoying an influx of new users. Robinhood, meanwhile, raised some US$3.4 billion in the midst of the Gamestop furor to assure its stability amid rapid growth and demands by its trading partners that it post more collateral.