Xpert Financial, backed by Tim Draper, is set to launch a private company stock exchange, Private Equity Hub reports. The San Mateo company has received approval from the Securities and Exchange Commission (SEC) to operate an online electronic trading operation similar to the NASDAQ. The exchange will allow companies to pre-approve buyers so that trades can take place instantly when buyers and sellers are matched as well as make more information about private companies available to investors and help companies limit their shareholders to less than the SEC filing threshold of 500. The startup has initially raised nearly $3 million from Draper for the launch.
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