Yahoo has acquired US-based social investing platform Commonstock in a move to expand community and deepen insights for Yahoo Finance users.
The terms of the deal were not revealed.
Commonstock is a broker-agnostic social and community-based platform that delivers insights for retail investors.
Through the acquisition, Yahoo expects to strengthen the role of community for Yahoo Finance and expedite the brand’s strategy to offer better retail investing resources, solutions, and experiences to investors of diverse skill sets and levels.
Founded in 2020, Commonstock has over $10bn in connected assets.
The platform allows users to connect their brokerage accounts, share the performance of their portfolios as well as talk about their trades and strategies.
Commonstock’s real-time notifications enable users to know when friends make trades. It promotes the exchange of investment strategies and facilitate a collaborative investment environment.
Commonstock CEO and founder David McDonough said: “The unique blend of Yahoo’s reach and Commonstock’s expertise in creating retail investment communities is an incredibly powerful combination.
“This acquisition will allow us to accelerate our mission at scale, emphasizing community-driven knowledge and ensuring the amplification of quality insights to separate signal from noise.”
The social investing platform will improve the capabilities of Yahoo Finance, which has more than 150 million global monthly users, said Yahoo.
Following the acquisition, the Commonstock team will join the Yahoo Finance organisation.
Yahoo Finance president Tapan Bhat said: “The Commonstock team has built a trusted community, sharing high-quality insights and knowledge that help everyday investors create wealth.
”Together, Yahoo and Commonstock will further empower investors of all skills and levels through a one-stop shop for smart financial decisions.”
In 2021, Commonstock secured $25m in a Series A funding round led by Coatue.
