HTTP:: KaChing Goes After the Mutual Fund Industry with Real Money Investments
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The Internet has affected a lot of services and businesses but for the most part financial services have remained unchanged. Sure, many have expanded to the web and make very nice sums of money from it but their business model is the same it has been for decades in some cases. One sector that has seen almost no impact from the Internet is the mutual fund industry, an $11.5 trillion yearly business in the US, but that may be about to change as startup KaChing is launching a new feature that will allow users to put real money behind their investments. KaChing started out a couple of years ago as a Facebook app accompanied by a website that offered users 10 million virtual dollars to invest as they saw fit. The users could track their investments and get performance ratings and the stats could be followed by other users as well. The service now boasts some 400,000 registered users and 150,000 monthly active users. KaChing's founder Daniel Carroll has already secured $3 milli!
on in funding from some Silicon Valley big investors like Benchmark Capital, Netscape cofounder turned venture capital investor Marc Andreessen and others. The site has now moved to the next step in its evolution, allowing users to invest real money but also to follow certain “genius†investors tha...
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http://news.softpedia.com/news/KaChing-Goes-After-the-Mutual-Fund-Industry-with-Real-Money-Investments-124668.shtml
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