Miami-based Alta5 team, from left: Jack Slocum, Rocco Savage, Adam Mishcon.
Fintech startup Alta5 received a $150,000 investment from 500 Startups, and its co-founders are part of 500’s current accelerator class in San Francisco.
Alta5, which created an automation platform for individual investors, is the second Miami-based upstart that 500 Startups has invested in this year; Court Buddy, a legal-tech company, also received an investment and is part of the accelerator.
The team at Alta5 has been working behind the scenes to bring its innovative technology to the retail investing market. The platform gives investors the ability to build bots that trade automatically out of their online brokerage account, eliminating the risks in missing trading opportunities and managing their portfolio around unforeseen market events, said Rocco Savage, who co-founded the company with Jack Slocum and Adam Mishcon.
Slocum, CEO, and Mishcon, COO, co-founded Sequoia-backed Sencha.com, so they have an extensive background in building frameworks that are adopted by millions of people. Sencha is a developer framework used by 80 percent of the top financial institutions, most of the Fortune 100 and over 2 million developers worldwide, Savage said. Savage, who oversees business development, also worked at Sencha, as well as Nomi and Tony Robbins. In addition to the 500 Startups funding, Alta5 previously received an undisclosed seed investment and it is currently raising another small round of financing.
Fintech is a growing specialty in South Florida, and it’s no secret the trends in finance are moving toward automation. Automated trading programs have even impacted Goldman Sachs, which recently laid off 600 traders to hire 200 engineers. “We think it’s important that everyone has a fighting chance, and what that means is creating technology for individual investors to succeed in today’s markets dominated by computerized trading,” Savage said. “Think of Alta5 as your personal automation platform for investing in the stock market.”
Founded in 2014, Alta5 is putting its platform through final testing and will be opening it to consumers in the coming months, giving more than 6.5 million investors with a TD-Ameritrade account access to its automation features. Sign up to receive early access here.
The team is currently in Silicon Valley participating in the accelerator, which ends with a Demo Day in May.
“The 500 Startups network is best in class and we feel privileged to be a part of their accelerator,” Savage said. “There’s an abundance of resources at our fingertips including mentorship, networking and investor opportunities, and we are excited to be a part of it.”
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