TradingView Financial Market Analysis Tools Nets $37 Million in Funding

New York-based TradingView just announced it has received $37 million in funding. The amount exceeded expectations thanks in large part to the cryptocurrency boom and the surging stock market.

TradingView develops social networking and data analysis tools for financial markets. The company’s flagship product is its proprietary, JavaScript-based programming language called PineScript, developed in-house to allow anyone to build their own customized financial analysis tools.

TradingView is based on a freemium software as a service (SaaS) model. Most users can connect and exchange trading tips and tricks for free. Users who want greater access to charts, data, and real-time server-side alerts, meanwhile, can pay for a subscription. TradingView’s three payment plans include $15, $30, and $60 per month options, ranging from basic subscriptions to premium options.

This latest funding round was led by Insight Venture Partners, a growth-stage investment firm. Now, TradingView will seek to expand its growth by offering its charting software for free to partner websites. As reported by TechCrunch, TradingView could seek to offer its software to cryptocurrency exchanges like Bitfinex. It will also likely reach out to Nasdaq, Seeking Alpha, and other exchanges.

TradingView has grown to 8 million monthly active users. Today, the company derives approximately 75% of its revenue from monthly subscription plans.

TradingView’s Huge Growth is Attributed to the Cryptocurrency Boom

TradingView has enjoyed consistent growth for seven straight months. Analysts claim this growth – and the huge funding round that followed – is linked directly to cryptocurrencies.

Here’s how TechCrunch explained it:

“For Paul Szurek, a vice-president at Insight Venture Partners, the investment in TradingView is building off of broad consumer interest in amateur speculative trading. Looking at RobinHood, Bux and eToro  as gateways for new investors who eventually move on to more sophisticated tools, Szurek said that TradingView was often their next step into market investing.”

“The rise of cryptocurrencies… and trading those assets… has flywheeled into a broader interest in investing across asset classes,” Szurek said.”

It’s important to note that TradingView was never exclusively focused on crypto. However, the company was supportive of cryptocurrencies from the beginning and noticed there was a carry-over from crypto users into other aspects of their business.

“October to January, during the real core of the crypto boom here, there were a lot of users coming in starting out researching that asset class broadly,” explained Szurek in his interview with TechCrunch. “Eighty percent move on to research other asset classes.”

In other words, cryptocurrencies allowed TradingView to capture the attention of curious investors. Investors came to TradingView looking for crypto analysis and ended up staying for the broader market analysis. TradingView was particularly appealing to cryptocurrency investors because the platform caters to amateur investors seeking more advanced market analysis from what they get on other websites.

TradingView will continue to expand its platform across crypto markets and traditional trading markets over the coming months.

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