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February 27, 2008
Online Investment Site Cake Moves into Facebook
Cake Financial, the social network investment service that lets investors track and share the performance of their actual brokerage accounts, has launched a Facebook application.
Facebook members who add the Cake Investment Club application will now be able to track and share their investment portfolios and trading activity with their social network.
Members will see actual returns in percentage terms (although dollar amounts and net worth are not revealed), and can compare their results with those of other investors in their network across brokerage accounts. Investors also get insight into how their portfolio has performed over time.
Whenever the investor or one of their friends makes a trade, it will show up in their feed.
"According to a poll recently conducted on Facebook, more than 40% of the 50 million Facebook members currently invest or are interested in becoming better investors," Steven Carpenter, founder and CEO of Cake Financial, said.
"But until now, they haven't had an easy way to discuss real investments with their friends and family. The Cake Investment Club finally gives Facebook members the support they need to get started investing, insights into what their friends and family are actually buying and selling, and opportunities to make more informed decisions about their portfolio holdings," he added.
San Francisco-based Cake Financial, which is geared towards Gen X and Y investors, went live in September 2007. It is backed by Alsop Louie Partners and a number of angel investors, including Ron Conway and Baseline Ventures.
Posted by Melanie Rodier at 12:18 PM
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