The Boston Behemoth, or at least its PMs, are doubling down on their investment in a big social media startup, one that might be getting into the roboadvisor business.
| Abigail Johnson|
Chief Executive Officer
The Wall Street Journal
and a host of other publications (the Boston Globe
, and Reuters
, among others) report that last month Venice, California-based Snapchat
raised $175 million more from Fidelity
]. That investment values Snapchat at $16 billion, the same valuation it had as of a year ago.
Fidelity's latest investment comes after rumors swirled
earlier this year that Snapchat, which has more than 100 million daily users, is working on its own roboadvisor technology. With that kind of mass-market reach, Snapchat might be able to quickly reach for a kind of scale unimaginable for independent roboadvisor startups (who might have to burn through a fortune in advertising dollars first, just to get a few million people to recognize their names).
Neil Anderson, Managing Editor
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