Motif an online brokerage platform recently announced that it shut down its operations on May 20. Motif was a leading brokerage platform for 10 years in the investment market.
On April 17, Motif notified its users via email stating, ‘Thank you for trusting Motif Investment, we have decided to discontinue our services. Your money is safe with us as we transfer all the investment accounts to Folio Investment’.
Motif Investing To Shut Down Its Operations
Tariq Hilaly and Hardeep Walia founded Motif in 2010. Co-founder Tariq said that since the launch of Motif raised $127 million in funding led by TechStars, Y Combinator, and 500 Startups. Motif reported $604 million AUM by financial institutions and individuals.
Motif invests in diverse portfolios including equity, and debt to keep the money safe and growing. Also, Motif partners with Goldman Sachs to launch 5 new ETFs.
Many Investment platforms are trying to bring Motif users over their platform whereas Motif said in the email that all the investments will transfer to Folio Investments. Many business analysts reported that many brokers are affected by the pandemic.
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