In a move to further democratize financial markets, Apex Clearing formally integrated its services with Bambu, a robo-advisory technology solution, providing global access to U.S. markets.
As part of the development, Bill Capuzzi, CEO at Apex Clearing, spoke with Benzinga regarding his firm’s role in disrupting traditional finance.
Capuzzi previously worked for Pershing and G-Trade, in addition to co-founding Convergex, a global execution solution.
He joined Apex because of its progressive take on fintech and his passion for helping bring to market disruptive solutions; the focus of his job is to assist Apex in knocking down barriers to investing and connecting the major pillars of finance: banking, investing, lending, and insurance.
“At the core, we are custodians.”
Founded in 2012, Apex offers a full suite of custody, clearing, and API solutions that enable financial services firms to quickly launch and scale.
The firm is responsible for launching disruptors along the names of Betterment, Wealthfront, Robinhood, and Stash, among others.
According to Capuzzi, custody is a commodity; the reason that not many other custody and clearing firms exist is due to the know-how and financial wherewithal required.
“You need someone that’s going to be able to sort of grease the skids in our industry, [in regards to] moving money around, settling trades and fills, and all the things that happen,” said Capuzzi.
Therefore, Apex has filled a gap -- “There’s such a demand for people to access the U.S. markets, [but] there’s a shortage of providers.”
The Firm's Core Solutions Consist Of The Following:
- Trading execution, clearing, custody and settlement
- Bookkeeping, as well as portfolio and account management
- Cash and transfer management
- Tax and regulatory reporting
- Hybrid advisory and API products
“We want to be a platform -- a custody brokerage in a box -- where you can basically plug into our APIs and launch an active trading product like tastytrade, or a passive product like Bambu.”
Leveraging Partnerships To Increase Market Access
According to Capuzzi, democratized investing results from the combination of tech and domain expertise.
In a statement regarding the partnership with Apex, Bambu CEO Ned Phillips said, “This new integration with Apex further propels us forward in growing within these markets, especially within the U.S. and strengthens our position as one of the leading global wealth tech leaders that offers companies the tools needed to make saving and investing simple and intelligent to their clients.”
According to Capuzzi, the Apex-Bambu relationship is cohesive. Apex solved the process of opening accounts, funding and processing trades, while Bambu has the ability to deliver Pan-Asian fintech solutions in accordance with local regulations and language.
“Bambu perfected the art of providing a platform that allows for [local customers] to open an account, fund the account with local dollars, and get access to the U.S. markets in a really efficient way,” said Capuzzi.
“We have a mature API product set. We’ve plugged into by and large all the platforms here in the United States.”
Apex is heavily involved in the U.S. financial services environment; Capuzzi said a natural evolution of the firm's product portfolio is to tackle new regulations and improve financial wellness.
In a reference to Apex’s efforts to assist regulators in protecting markets from manipulation, Capuzzi said, “We’re often times pushing the regulators on old archaic rules and regulations.”
Additionally, Apex aims to provide a holistic solution to banking, investing, lending and insurance, improving financial management.
“We are trying to help someone with not just their investing life, but their banking and lending life.”