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After shutting down its Lens Store (a feature allowing users to buy photo filters) Snapchat continues to search for ways to monetize. The service will most likely offer automated access to exchange traded funds. The platform is part of a “robo-advising” field likely to balloon in coming years, but populated with established players like Charles Schwab, large payment platforms like Venmo, and startups like Betterment. Everyone is clamoring for a piece of the pie.
Snapchat is developing a service that would let users invest their money through the messaging app and have it managed by algorithms, according to a report from Reuters. The news service didn’t have any details on how it would work, but sources said such a service would provide access to exchange-traded funds. With the new offering, Snapchat would be entering the increasingly crowded field of “robo-advising,” an industry with major players like Charles Schwab and Vanguard, as well as sizable startups such as Wealthfront and Betterment. Deloitte, an advisory firm, estimates automated investment platforms could manage $5-$7 trillion by 2020. Reuters says Venmo, a money transfer service popular with millennials and owned by PayPal, is exploring robo-advising services as well.
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