Social media modified all the things from information consumption to purchasing. Now, Dub thinks it may well do the identical for investing by means of an influencer-driven market the place customers can observe the trades of prime buyers with just a few faucets. Consider it as TikTok meets Wall Avenue.
Based by 23-year-old Steven Wang — a Harvard drop-out who started investing in second grade along with his mother and father’ blessing – Dub is betting the way forward for investing isn’t about selecting shares however selecting individuals. The app permits customers to observe the methods of merchants, hedge funds, and even these mimicking high-profile politicians. As an alternative of constructing particular person commerce choices, Dub customers can copy complete portfolios.
The idea has struck a chord. Dub has already surpassed 800,000 downloads and raised $17 million in seed funding – with a brand new spherical seemingly within the works. Much less clear is whether or not Dub can keep away from the pitfalls of earlier fintech startups.
Impressed by GameStop
Retail investing has developed dramatically over the previous 20 years. The times of $7 buying and selling commissions and clunky brokerage interfaces have been blown aside roughly a decade in the past by mobile-first platforms like Robinhood that invited individuals to commerce without spending a dime. On the similar time, social media is reshaping how individuals, and notably members of Gen Z, make monetary choices.
As a Harvard scholar in the course of the pandemic — one who was buying and selling from his dorm room “since you couldn’t actually do something in school” — Wang got here to consider these two tendencies, retail investing and influencer-driven decision-making, have been on a collision course. Between the GameStop saga, Elon Musk’s skill to “transfer the Dogecoin and Bitcoin markets with each tweet,” and other people’s willingness to “actually observe concepts and people to a complete new degree,” Wang determined to drop out in 2021 and begin constructing Dub.
Proper now, the platform’s common person is between 30 and 35, says Wang, although New York-based Dub is clearly discovering its method in entrance of a good youthful viewers. In latest weeks, this editor’s 15-year-old has requested greater than as soon as about “investing like Nancy Pelosi” after marinating in Dub adverts on Instagram.
Pelosi isn’t personally buying and selling on Dub; it’s only a dealer on the platform mirroring her disclosed strikes. Nonetheless, the concept has caught hearth. “Nancy Pelosi is up 123% on Dub with actual capital,” says Wang, “and we’ve made our clients thousands and thousands of {dollars} since that portfolio was launched on the platform.”
Dub isn’t free. Wang was decided to generate income from the outset, and Dub does that as we speak by means of a $10-per-month subscription mannequin. Wang says additional that some “prime” portfolios on the platform cost administration charges and Dub takes a 25% minimize of these charges.
Within the meantime, Dub has scaled partially by means of natural progress. “Creators who’re good merchants on the app are incentivized to carry their viewers,” says Wang, whose mother and father immigrated from China and who grew up in Detroit.
Dub can be investing aggressively in promoting, leaning closely into Meta adverts particularly to accumulate customers, together with on Instagram. “We’ve been actually fortunate the place I feel the broader American inhabitants actually believes there are different individuals on the market which have an edge over them on the subject of the investing world,” says Wang.

Combating phrases
The query now’s whether or not Dub will observe an identical path as different fast-growing fintech startups, a lot of which have discovered themselves within the crosshairs of regulators. Robinhood disrupted finance by making buying and selling free, however it additionally confronted regulatory scrutiny forward of its 2021 IPO, finally ditching a characteristic that showered customers with digital confetti each time they made a commerce.
Dub says it’s eager to keep away from the identical errors. The corporate spent greater than two years working with FINRA and the SEC earlier than launching, guaranteeing its mannequin complied with monetary laws. “We didn’t simply navigate regulation at Dub — we embraced it,” Wang says. (Like Robinhood, Dub is a completely licensed broker-dealer.)
A giant distinction, argues Wang, is that Dub is designed to coach customers, not simply encourage blind hypothesis. The platform shows danger scores, risk-adjusted returns, and portfolio stability metrics to assist buyers make knowledgeable choices, he says.
He suggests it’s safer for buyers than Robinhood. Says Wang: “I’ve plenty of respect for what [CEO] Vlad [Tenev] has achieved in making buying and selling free. However on the finish of the day, making it tremendous straightforward to commerce with out skilled steerage, with out schooling, is admittedly simply playing for the broader inhabitants.”
To underscore his level, Wang factors to the choice of Robinhood — together with Coinbase and different exchanges — to make the meme coin TRUMP accessible for purchasers forward of President Donald Trump’s inauguration. Whereas it initially surged in value, its value has plummeted since. Says Wang, “I feel essentially the incentives are simply misaligned between these massive platforms which might be public firms now that have to become profitable” and that “usually” their clients have “most likely misplaced cash.”
(Price noting: in a separate, recent conversation with Robinhood’s Tenev about Dub, Tenev proposed to TechCrunch that duplicate buying and selling may change into of higher curiosity to regulators, and that Dub might not but be underneath the “magnifying glass” due to its comparatively smaller dimension.)
Both method, not everyone seems to be offered on Dub’s imaginative and prescient. The largest knock towards such platforms, says critics, is that inventory selecting underperforms passive investing over the long term, with research displaying that the majority actively managed funds fail to beat the S&P 500.
It’s a criticism with which Wang is acquainted — and on which he’s fast to push again. For one factor, he argues that many such research are “cherry-picked.” (“I guess plenty of these are sponsored by the passive investing index firms,” he says.)
Additional, says Wang, there’s a cause that actively managed hedge funds like Citadel are thriving. “Should you have a look at what the extremely rich can do, they’re giving their cash to Ken Griffin of Citadel, [because] they’re persistently placing up non-correlated returns 12 months after 12 months after 12 months,” he says.
If another broadly “appears on the progress of the hedge fund house and the asset administration house,” continues Wang, “there’s a cause why it’s rising. It’s as a result of they’re creating wealth for his or her clients.”