Trump Media and Technology Group, the parent company of Truth Social, announced on Jan. 29 the launch of a new financial services brand called Truth.Fi.

Following the announcement, the company’s shares rose over 15% in premarket trading.

Based in Sarasota, Florida, the firm also revealed plans to diversify its cash holdings, which exceeded US$700 million at the end of last year.

The board has authorized an investment of up to US$250 million through Charles Schwab across various assets.