Velia Carboni of Fidelity says the app is "a play on Yelp."

Fidelity Investments announced Tuesday that it has updated its iPhone, iPad and Android apps with a feature that allows investors to use the GPS on their phones to locate investment opportunities nearby. With the new feature, users can find publicly traded companies on a map with their ticker symbol and the most recent price.

“What we’re trying to do is provide our customers with different options for discovering their next investment opportunity. This one’s a play on Yelp or what Uber and a lot of these other apps are doing; they’re using location as another discovery option,” Velia Carboni, senior vice president of the mobile channel at Fidelity, said in an interview on Tuesday.

“It’s not meant to lead to a trade,” Carboni said. “It’s more meant to be a discovery tool. Obviously we want them to do more research after that.”

The app does, however, allow investors to trade stocks, options, mutual funds and ETFs from the app.

In addition to the new feature, Fidelity also announced other updates to the apps. Users on all platforms can conduct single- and multi-leg option trades and trade specific shares with a more streamlined interface designed for a small screen.

Additionally, the mobile check deposit feature can be used with more account and transaction types, like businesses, corporations, rollovers and 529s.

Android users now have voice-assisted functionality on Fidelity apps to help navigate the app, get balances, conduct transactions, set alerts and monitor stocks they’re interested in. Carboni said that feature would be rolled out to iPhone and iPad users soon.

Of the new Stocks Nearby feature, Carboni said, “We provide access to tremendous amounts of research and tools. This is just a way into a lot of the great content we have. The intent is to allow people to discover new companies and from there they have access to all the tools and research to do more exploratory analysis.”

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