Goldex is a UK fintech business which has created the first physical gold marketplace powered by smart trading technology. Its aim is to change the way gold is traded and owned.
With gold still an unregulated asset class, it can be difficult for investors to find fair and transparent pricing. The Goldex app gives customers a smart order router - open 24 hours a day, 7 days a week - avoiding the need to shop around or compare dealers or different quality gold bars.
The company's founder and CEO is Sylvia Carrasco, who has over 20 years’ experience in investment banking and brokerages and was part of the original team at Credit Suisse that developed the first electronic trading and algorithmic systems in equity markets.
We spoke to Sylvia about the company's growth plans and the attractions of the UK market.
What does your company do?
“Goldex is the first marketplace to connect to the best gold prices. Whether buying or selling gold, there’s no need to shop around: our smart trading technology – the first of its kind in the gold industry – always finds the best deals. We make gold investments simple, fair and convenient.
Goldex is not a gold provider however; it’s a neutral marketplace that acts as an unbiased agent. We went one step further in the industry and set up the company as a pure technology platform, not owning a gram of gold.
Our retail customers get access to the marketplace, news, trade recommendations, charts and more via our smartphone app. Though the technology to power the app is sophisticated, the app is very intuitive and easy to use.
We also offer our institutional clients a trading API with a live price while we take care of the technology behind, alongside the execution and custody of their gold.”
“In terms of innovative fintech startups, London was the obvious choice as the hub of cutting-edge technology companies that redefine various industries and sectors.”
Tell us about your company's UK operations and its UK history.
“As the CEO & Founder of the company I am originally from Spain, but I have over 20 years’ experience in London as an investment banker. In terms of innovative fintech startups, London was the obvious choice as the hub of cutting-edge technology companies that redefine various industries and sectors.
The app is currently only available in the UK (though we plan to launch in other regions in the near future) and in 12 months we have built a solid foundation of customers, doubled the size of the marketing and tech team and started our expansion into India. We’ve also been recognised for our innovation through several FinTech awards."
What advantages and attractions are there to your company being based in the UK?
"London has an incredible network and economy for financial tech companies. As a start-up looking to attract investment, the UK and London in particular is the place to be for electronic trading, investment and innovative banking solutions. Britain is a highly diversified technology-centric location, and has a track record in being home to fintechs that have disrupted traditional financial services.”
“As a start-up looking to attract investment, the UK and London in particular is the place to be for electronic trading, investment and innovative banking solutions. Britain is a highly diversified technology-centric location, and has a track record in being home to fintechs that have disrupted traditional financial services.”
Outline your firm's growth plans and how you see the UK featuring in these.
“The marketplace model is global, and we are already working on our launch in Europe and India for next year. The beauty of the Goldex model lies in the ease with which we are able to adapt the developed technology into other markets with minimum effort. With a plan to expand to other countries over the next 2-3 years, the UK will serve as the main headquarters for these efforts and everything will stem from there – whether it’s marketing strategy or technology, implementation or anything else.”