The ‘Grifin’ App Wants You to Invest Every Time You Shop. Don’t.
Grifin may be the next WallStreetBets after a viral TikTok video sent it to the top of the iOS App Store — but experts warn against its model
Earlier this month, a new investing app called Grifin went viral on TikTok and shot to the top of the iOS App Store overnight. Launched in November and backed by $2 million in funding, the app aims to make the stock market more approachable by enabling its users to “magically invest $1” in brands that they’re already buying from.
“The moment you buy a cup of coffee at Starbucks, you get to invest $1 in Starbucks stock. You shop on Amazon, $1 goes to Amazon,” said Grifin co-founder and CEO Aaron Froug in the viral TikTok video, adding that the name stands for “The Greatest Revolution in Finances Now.” The video has been viewed around 14 million times.
Experts tell OneZero they do not recommend this approach to investing, echoing warnings from the GameStop and r/wallstreetbets saga about buying single stocks. And while Grifin is presented as free and simple, when they sign up for the app, users are actually getting into business with several financial institutions, hit with various fees, and giving up significant amounts of sensitive personal and…
