Companies that own communication apps have begun looking at other means of attracting more users to their platforms.
Given that more and more messaging and calling apps keep coming in every single day, offering the same services as the ones already available with maybe a small tweak to offer uniqueness, there is need to diversify in order to stay relevant in the ever-changing market.
Snapchat, one of the fastest growing social networking applications in the U.S., is well aware of this and as a result, the company has resolved to introduce a new service that will help its users expertly manage their money. Snapchat is well-known for its unique feature that lets photos and videos shared between users disappear after some time.
This American startup now wants to get into your finances with a service that will allow its users to invest their money via the app. According to Reuters, the saved money will then be managed by algorithms. At the moment, there is very little information about this service, but we expect to hear from Snapchat in the coming weeks or so.
Nonetheless, close sources to this matter claim that once launched, the service will ensure that the users can access exchange-traded funds.
Snapchat to join automated investment platforms Vanguard and Charles Schwab
Now that Snapchat is planning to become an advisor to your financial management practices, it will be joining the likes of Vanguard and Charles Schwab in a bid to provide users with what is known as robo-advising. This field has been on the rise in the recent past with sizable startups such as Betterment and Wealthfront being some of the recent entrants into the field.
According to a recent market research by Deloitte, the automated investment industry could be as big as $6.5 trillion by the time 2020 comes around.
To add to this news, Venmo, a money transfer service owned by PayPal, is reportedly planning to join this industry, but when reached for comment, the company said that it “cannot comment on rumors due to the company’s corporate policy”.
This is not the first time Snapchat is trying to venture into the financial arena. It tried this back in 2014, when it partnered with Square to launch a money-transfer service where users can send money to other users of the app right from within the chat app.
Snapchat has more than 100 million users and is available as a free download, both for the iOS and Android users.
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