iLab Team Story: BrokerChooser

iLab Team Story: BrokerChooser

In this age of striving to achieve financial freedom, everyone wants to have sustainable investments that would help them make money, even when they are asleep. Many people choose to buy securities, while others opt for other kinds of investments. For those who choose to invest in securities, they have to find brokers or agents who are well skilled in the securities market and can provide them with adequate information about all the available options and provide recommendations. 

Finding an online broker platform is usually the most difficult part for people because they may not know what qualities or conditions to look out for when searching for a broker. This is where BrokerChooser comes to the rescue, to give you a recommendation of the available brokers whose qualities and offers would match your needs based on your stated requirements. 

BrokerChooser is the iLab startup team in Budapest, which does a comparison of brokers based on their own methodology (using approximately 100 data points per broker) and recommends what the best option would be for visitors, matching their preferences as well. They conduct a detailed test using data collected across different criteria, for different brokers and making the comparison based on this data. This way, the variety of options is narrowed down to only a few best fits, and then you can make your choice based on which of them appeals to you the most.

The two co-founders, Tibor and Gergely, are well-experienced experts in the financial industry who came up with the idea when they realized how complicated it was for regular individuals to find and choose a broker. They thought that the structure and fees of brokers, and financial institutions, make it complex for the average individual to invest without the help of an agent. Thus, BrokerChooser came alive to make investing more transparent, such that regular retail persons can take control of their finances without the need for middlemen and agencies.

The Team

The founding team was made up of six core members which included the two co-founders, and four other team members. With high growth in the number of visitors and revenue in the last quarter of 2018, they decided to expand their team to include a business analyst and project manager, marketing personnel, a CFO and 3 interns. The team has weekly and quarterly meetings where they discuss their achievements and set an agenda for the next phase. The important attributes which BrokerChooser looks out for in their team members are communication and transparency. 

Strategy

BrokerChooser relies heavily on search engine optimization, hence they do not embark on social media campaigns and advertisements. They appear on the first page of the google search results for “how to buy shares.” Apart from that, they maintain a good connection with the local and regional networks, as well as attending relevant conferences in the fintech sector. A major achievement for BrokerChooser this year is surpassing their year-end targets within the first half of the year. The co-founders started the company with their own savings three years ago, and they are happy to have become a choice startup that attracts funding from venture capitalists in Hungary who wish to invest in the fintech sector.

Brand Values

BrokerChooser’s brand values are transparency and open communication. The team believes that now is the right time for BrokerChooser to exist because it is the first company which offers global service and considers all brokers including stockbrokers, forex brokers, etc. Hence, anyone can use the BrokerChooser platform no matter where they live. 

iLab

“…there are tons of opportunities, but it’s up to you how many of them you are grabbing. If you grab all of them you will be a superstar.” 

–Dora Nagy (Analyst, BrokerChooser)

BrokerChooser joined the iLab in March 2018 and like Dora, the business analyst of the team notes, the mentorship opportunities, the entrepreneurship workshops, and courses, as well as the quarterly evaluations and reports have been very helpful to them in keeping an eye on their goals.