Q&A: SprinkleBit Sets Out to Crowdsource Active Investing
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work with FINRA to get regulatory approval, to engage a new clearing firm, and to raise a $1 million investment. But the deal got delayed and we ran out of cash in November 2012. We had to lay off the brokers and FINRA said we had until February 2013 to come up with the money.
We met with another investor and signed an agreement to get $1 million, but the investor’s funds were frozen due to a real estate dispute. In July 2013, some of our early backers invested a small amount of capital to keep the lights on at SprinkleBit. In October 2013, a Canadian angel investor put SprinkleBit back on its feet.
Meanwhile, there were more complications, including problems with the new clearing firm, which required a lot more software development from our side. It took us six months to receive the documentation we needed for their system and another year before they opened their connection to us. The whole experience was Kafkaesque, as taken from the The Trial.[[itals]] But finally, exactly two years after signing our letter of intent, we got a green light to begin trading.
Investors began trading on the SprinkleBit website in November, and we are planning to launch globally in March.
X: So how’s your visa status now?