KaChing, the finance site has been around the circuit for a while, and its letting investors share virtual stock portfolios. However, today, it’s launching a new version that’s meant to make a huge impact by converting the virtual portfolios into real, letting members “invest like a genius” by putting their money in the same companies as amateur and professional investors who KaChing rates as having outstanding investment records, philosophies, and practices–using a formula it refers to as “Investing IQ.”
CEO and co-founder Andy Rachleff must have had in mind that it only makes sense to call a company with a sound that everyone likes to hear. Marc Andreesen (a name often associated with that sound) and Jeff Jordan, the CEO of OpenTable (NASDAQ: OPEN) are also backing it up. These two guys usually do a solid job of backing winners.
KaChing is a registered financial adviser that’s using an angle consisting of lower fees, transparency, and easy-to-use technology to attract users. KaChing thinks there’s room to win by coming in cheap and over delivering information, that is why its using an angle consisting of lower fees, transparency, and easy-to-use technology to attract users.
According to Rachleff, in Reuters, "This is a $10 trillion industry with no innovation in 25 years," continuing, "there are a lot of consumers that are upset and frustrated with their mutual funds. But how do you decide if your mutual fund manager is doing a good job? No one is quite sure."
KaChing is going after investors with net worth below $1 million unlike most of what we saw before the financial crisis, in which the big gun clients are the hottest turf. For further expansion of its reach and making it easier to grow rapidly in a large community of smaller investors, KaChing’s is extending its capabilities to the Apple (NASDAQ: AAPL) iPhone, Yahoo! (NASDAQ: YHOO) websites, and Facebook.
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