In a deal with very interesting synergies, digital investing app Robinhood made its first-ever acquisition this week: for a millennial-targeted media firm called MarketSnacks.
The deal was first reported by Forbes, and Robinhood declined to name the terms of the acquisition. MarketSnacks’ portfolio includes both a podcast and daily newsletter focused on finance, with a humorous bent — as befits a news product geared towards millennials.
Apps in the larger digital investing and advisory field such as Robinhood have long had features such as financial news about the stocks its users own. This move pushes Robinhood further in that direction of offering a wide variety of services beyond just robo-investing. In fact, in the Forbes article, the company says the move is part of its larger plan to become a “one-stop shop” to meet all the needs of younger investors.
“Robinhood approached us and told us that their users were craving easily digestible and accessible business news,” MarketSnacks co-founder Nick Martell is quoted as saying.
We’ll be interested in seeing if Robinhood’s competitors also look to acquire media brands — or start ones of their own.