According to a report from Reuters, Snapchat may be building a robo-advisor platform that would allow users to make investments via the mobile application.
Snapchat representatives are not commenting on this speculation and Reuters didn’t specify their source for this story.
If Snapchat were to make the leap into the robo-advisory industry, they would have an advantage to other technology providers such as Mint or Betterment. Snapchat currently has about 100 million daily active users. Meaning they wouldn’t have to rope in new users to start using their financial services.
In November of 2014, Snapchat introduced a feature they call Snapcash. Snapcash allows anyone on the app to send money to anyone else on the app by simply typing in how much through chat. It will be interesting if this method of money transfer would somehow be incorporated into their advisory system.
In my opinion, the two features go hand-in-hand. So don’t be surprised if in a couple years Snapchat becomes your financial advisor.
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