Robinhood Markets Inc stated on Tuesday it could purchase fintech startup Say Technologies for $140 million in an all-cash deal, weeks after the web brokerage’s inventory market listing.
New York-based Say, based in 2017, has constructed a communication platform that crowdsources questions from retail traders and permits them to work together with the businesses they put money into throughout annual conferences, earnings calls and different occasions.
Say additionally affords shareholders proxy-voting and polling providers. Its platform has been used throughout Tesla Inc’s earnings calls, based on media studies.
“Say was constructed on the idea that everybody ought to have the identical entry to the monetary markets as Wall Road insiders,” a weblog publish from Robinhood stated.
With a advertising mantra of “democratizing finance”, Robinhood has sought to win over retail traders. In Might, the corporate unveiled a brand new platform to permit retail traders the chance to snap up shares in preliminary public choices.
The corporate had an underwhelming market debut late final month, however the inventory has since seen a wild rally and was up practically 50% from its IPO value as of final shut.
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