Money and Friends

Money and Friends

Got a Social Media Profile? Get a Microloan from Lenddo, Which Just Snagged $8 M. for International Expansion

Mr. Stewart. (LinkedIn)

Letting a bank sniff around your Twitter, LinkedIn and Facebook profiles in order to decide whether to give you a loan? Sounds more than creepy to Americans. But in some parts of the world, being able to get credit based on a social media profile is a miracle. Lenddo, a New York-based startup that uses social media profiles to determine creditworthiness, has been giving out microloans in the Philippines and Columbia based on nothing more than the debtor’s social media reputation.

Lenddo has just announced its first significant round of investment. The company snagged $8 million from investors including Accel Partners, Blumberg Capital, and other funds, as well as prominent angel investors including Scott Heiferman of Meetup and Barry Silbert of SecondMarket.  Read More

Money and Friends

Roboinvest, ‘Trading for the Rest of Us,’ Booms After Debut of One-Click Copy Trading

Mr. Giles. (Bloomberg)

Roboinvest, which lets ordinary folks follow each others’ trades in real-time, booted up at the end of January with a partnership with amateur trading clearinghouse E*TRADE. The startup has processed $2.5 million in trades and grown to 1,300 users since then, founder Michael Giles told Betabeat, with only some seed money and a full-time team of two.

The trick to Roboinvest is “one-click copy trading,” the feature that launched just over two weeks ago and got the attention of Bloomberg’s Businessweek. Broadcast your trades in real-time on Roboinvest, and your followers have 30 minutes to decide if they want to copy your move. “Most people know somebody who trades, and they always want to know what they’re doing,” he said. “It’s trading for the rest of us. Anybody with a trading account can use Roboinvest.” Read More

Money and Friends

Trader Social Network Roboinvest Launches One-Click ‘Copy Trading’

Roboinvest's "copy trading" feature.

Investing, in all its forms, lends itself to groupthink and follow-ons. Everyone wants to know what everyone else is doing. Did Warren Buffet invest? What does Jim Cramer say? In New York’s venture capital scene, VCs want to follow Fred Wilson. When it comes to plunking down money, most people would like a little assurance that they’re not the only suckers in the game.

Now Roboinvest, a New York startup that raised a seed round and soft-launched in January, has made copycat investing as easy as one click. When someone you’re following broadcasts a trade, you have 30 minutes to copy it and execute the same trade, broadcasting it to your followers in turn. Read More