Yahoo Finance builds out investor insights with Commonstock acquisition
Yahoo is set to acquire San Francisco-based start-up Commonstock for an undisclosed sum as it looks to furnish its Yahoo Finance platform with investor insight capabilities.
Yahoo acquires social investing platform Commonstock
Launched in August 2020, Commonstock is a social network that integrates with existing brokerages to serve as a place where retail investors can distribute and share information regarding their brokerage accounts, portfolio performance, trades and strategies.
The platform is backed by investors including Coatue, QED, Floodgate, Upside Ventures, Resolute Ventures and Abstract Ventures.
Yahoo Finance, which currently supports over 150 million monthly users, hopes the acquisition of Commonstock will help create a “singular destination for all our customer’s financial needs”, as Tapan Bhat, president of Yahoo Finance, explains.
“The Commonstock team has built a trusted community, sharing high-quality insights and knowledge that help everyday investors create wealth,” he comments. “Together, Yahoo and Commonstock will further empower investors of all skills and levels through a one-stop shop for smart financial decisions.”
Adding to this, David McDonough, CEO and founder of Commonstock, describes the acquisition as a “tremendous opportunity to build community and products on the largest consumer finance stage”.
“This acquisition will allow us to accelerate our mission at scale, emphasising community-driven knowledge and ensuring the amplification of quality insights to separate signal from noise,” he says.
With the acquisition now complete, the Commonstock team will be merged into the Yahoo Finance organisation.
