Chasing Returns, a risk management platform for financial traders, announced that its GamePlan product has been successfully deployed in 82 countries in 10 languages. It also secured a second funding round, totaling €600,000.
- Company raises €600,000 in seed round
- New product selected for UK’s ‘Sandbox’ initiative
- 20,000 traders on its platform
- Large and highly successful deployment with Canadian broker
Chasing Returns has raised €600,000 in its second round of funding as the company plans to more than double its workforce.
The Irish fintech company has attracted over 20,000 traders to its platform, many through a large deployment with Canadian-based FX broker OANDA, where it has been proven to work at scale to improve decision-making and returns, and enhance revenues for the client.
Company accepted into UK’s ‘sandbox’
The firm, which is closing an investment round this week, also announced that it will test a new product, PlayMaker, as part of the Financial Conduct Authority’s (FCA) regulatory sandbox in the UK. The regulatory sandbox allows firms to test innovative offerings in a live environment and fintechs apply to participate twice a year.
Chasing Returns is one of only two Irish companies to have been selected since the sandbox launched in 2016.
Set up in 2014 by Ann Hunt, Chasing Returns’ technology analyses performance history to help traders understand their individual psychological strengths and weaknesses and turn it to their advantage. Its new product aims to help traders stay on track by teaching them trading discipline as they trade in real-time.
It’s one thing to develop and launch a product you really believe in, but to see it working successfully at such a large scale worldwide is highly rewarding.
Speaking of its recent milestone Hunt said: “It’s one thing to develop and launch a product you really believe in, but to see it working successfully at such a large scale worldwide is highly rewarding. Traders who previously lost money due to psychological biases or lack of discipline are now trading smarter and making more money thanks to our technology.”
On being selected to take part in the FCA’s sandbox programme she added: “82 per cent of traders in the UK currently lose money, according to the FCA. Sandbox will enable us to test how much PlayMaker can improve this metric. PlayMaker promotes better trading discipline and money management. It is aimed at helping traders in the new regulatory environment where leverage is limited and appropriate risk levels are key to success.”
Before establishing Chasing Returns, Hunt spent ten years on Wall Street working for JP Morgan building risk management platforms and another five as an independent trader. Chasing Returns was part of NDRC's accelerator programme in 2014 and is supported by Enterprise Ireland as a High Potential Startup.
Chasing Returns has proven how a systematic approach to psychology is critical to any successful trading strategy.
Chairman and investor in the company, Ivan Fox said: “The technology developed by Chasing Returns has proven how a systematic approach to psychology is critical to any successful trading strategy. This is why its products are being received so enthusiastically by the broker and trading community. They work and they work really well.”
Fox is director of Merrion Capital and member of the shareholder group who recently sold out to Cantor Fitzgerald.
About Chasing Returns
Chasing Returns builds behavioural finance solutions aimed at financial traders. Its products build discipline, self-awareness and rational decision support in traders. Headquartered in Dublin, its products are available globally.
For more information visit www.chasingreturns.com