Belay, a Philadelphia startup that sells insurance policies on stock investments, is preparing to launch its direct-to-consumer platform very soon, writes Ryan Mulligan for PHL Inno.

The platform will initially launch to people on the waitlist before it becomes accessible to the general public in the first week of February.

So far, the company’s insurance policies were only available through integrations with existing brokerage platforms, such as TraderPal.

The company launched in 2020 under the Wolf Financial name as a stock brokerage platform with a social element. But instead of trying to compete in a crowded brokerage field, CEO Michael Warshowsky and his team started to consider the idea of offering insurance.

In 2022, the company decided to fully pivot into the insurance field and refashion Belay as an insurer for stock traders.

The premium the company charges to insure stocks depends on the stock being insured.

“We’re really trying to build something that will have lasting impacts on a lot of people, on the average person,” said Warshowsky. “The ability for people to have comfort, safety, protection, the peace of mind without complexity for a reasonable price and really try and shift people’s preset perspectives on the concept of financial freedom.”

Read more about Belay and its mission in PHL Inno.

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