Since Snap's IPO a year ago, there's been a dearth of new offerings to entice millennials. That's about to change with Spotify and Dropbox slated to soon start trading, and a service for young investors is gearing up for the excitement.
Stockpile, a website that lets people buy stock in the form of gift cards and purchase fractional shares in companies, is fielding a growing number of emails from customers asking when they can buy shares in music streaming service Spotify and software developer Dropbox, said Avi Lele, the start-up's CEO.
Two-thirds of Stockpile's account holders are under age 35, and among the most popular stocks for them to buy are Apple, Amazon, Alphabet, Facebook, Tesla and Netflix, Lele said. For Spotify and Dropbox, investors can use Stockpile to order shares when they begin trading, though the purchases won't go through until the market close that day.
Based on what customers are telling him, Lele expects both offerings to resonate with his audience because they're popular services that consumers use all the time.
"They're perfect examples of buying what you know and what you use on a daily basis," said Lele, who was a lawyer for 15 years before co-founding Stockpile in 2011. "There are a lot of stocks that go public that our audience, and people in general, aren't that familiar with."