SoftBank’s next Miami bet: A firm hoping to replace Bloomberg and Yahoo Finance – Miami Herald

Atom Finance aims to be a go-to financial information screen for retail investors.
Atom Finance aims to be a go-to financial information screen for retail investors. Atom Finance

So you’ve downloaded the Robinhood app to invest in stocks. But where are you getting your financial information?

If you’re still using Google or Yahoo Finance, there is another option — one now being led by a team in Miami.

Atom Finance, a consumer software platform designed to provide up-to-date stock intelligence and earnings information similar to a Bloomberg terminal, announced Tuesday it had raised a $28 million Series B funding round led by the SoftBank Latin America Fund, with participation from existing investors General Catalyst and Base Partners.

“Atom is disrupting the investment research market through the implementation of best-in-class technology, software and sector expertise,” said Shu Nyatta, managing partner at SoftBank’s SBLA Advisers Corp. and head of SoftBank’s Miami Office, in a statement. “SoftBank is excited to partner with Atom as they pioneer a modernized investment experience for both investors on its platform and through (business-to-business) product integrations with financial institutions worldwide.”

As part of the announcement, Atom said it is moving its headquarters from New York City to Miami, though employees will not be required to make the jump south. Atom also has a connection to Miami-based Pareto Holdings, the venture group created by Shutterstock founder Jon Oringer: Oringer is an investor in Atom, and Pareto principal Ed Lando sits on Atom’s board.

In an interview, Atom founder and CEO Eric Shoykhet said Atom fills a need experienced by finance-focused professionals for an alternative to existing free resource sites like Google or Yahoo and expensive proprietary terminals like Bloomberg’s.

“This is for under-served professionals who maybe work at a Fortune 500 in a strategy group, or as a registered investment advisor, or at a consulting firm or venture capital group that doesn’t have access to a $10,000 or $20,000 S&P or Bloomberg terminal,” Shoykhet said. “Someone who is looking for something robust but not at a crazy price point, and for a better mobile experience.” The tools are not aimed at professional traders like hedge funds.

The funding comes on the heels of a new partnership between Atom and Banco Inter, one of Brazil’s largest digital banks. Shoykhet said he hopes to use the relationship as a white-label solution that might be replicated for other financial institutions.

The Miami office will have as many as 20 employees in Miami within the next 12 months, and Atom is hiring for a variety of new engineering and business development roles at competitive salaries.

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Rob Wile covers business, tech, and the economy in South Florida. He is a graduate of Northwestern’s Medill School of Journalism and Columbia University. He grew up in Chicago.