https://www.loyal3.com kinda does the same thing and it's live now. It works with the companies to provide fee-free stock for longish term buy-in. Plus, you don't have to be an institution to grab some IPO fluff. Plus, for non-recurring purchases you can fund with a credit card.
(You can't execute a trade at any given time during the day. You put in "Buy $100 worth of AAPL" and they execute it at the end of the day. Same with sell orders.)
Really liking Loyal3. The ability to buy into an IPO at the same price as institutional investors is actually pretty cool. As a data point, IPOs priced in the last couple months closed their first day of trading 34% higher[1] than underwriter pricing.
(You can't execute a trade at any given time during the day. You put in "Buy $100 worth of AAPL" and they execute it at the end of the day. Same with sell orders.)