Snapchat is on fire these days. Just a few days ago, the app discontinued its popular Lens store, however, its engineers have been busy working on many projects. One of them is closely related to the booming sector of FinTech.
According to sources, Snapchat is currently working on in-app financial services features and more specifically, robo-advisory tech. The latter refers to specific functions and algorithms that let users manage their finances from their mobile devices. For the time being, Snapchat is focusing on exchange-traded funds (ETF), a type of investment fund traded on stock exchanges.
The obvious challenge for the company is to lure its young millennial users into the world of Finance. At first, it looks like an odd match, however, the app Snapchat been known for developing a lot of not-so-relevant features just for the fun of it. On the other hand, this development reveals that Snapchat is possibly interested in attracting a different kind of users – investors.
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Of course, this is not Snapchat’s first attempt at Finance and money-management. Last year, it was the first social network to roll out a money transfer tool – Snapcash. Although no stats have been made available regarding the usage of the tool, we reckon that it produced some interesting results, which led to the further development of the Finance suite.