Passiv Acquires Wealthly
The acquisition will accelerate the development of Passiv's SnapTrade product
FREDERICTON, New Brunswick, July 18, 2023 (Newswire.com) - Passiv, operator of the innovative fintech API technology services provider SnapTrade, announced today that it has acquired the social investing application Wealthly. The deal includes the hiring of Wealthly founder, Terry Ma, in a key executive role at Passiv, along with his staff.
Founded in 2021 by Ma, whose credits include Amazon, Google, and Convoy, Wealthly is a social investing app that allows users to track all their stocks, options, and crypto in an intuitive and modern interface, and anonymously share their portfolio, trades, and insights with other users on- and off-platform. Wealthly has developed in-house technology which enables end users to connect their brokerage accounts and keep them synced on the platform.
Wealthy stood out in the marketplace for the quality of its integrations and for supporting major U.S. brokerages and cryptocurrency exchanges. The strategic acquisition allows Passiv to acquire IP and add technical expertise to further develop its SnapTrade product.
"SnapTrade has been growing at an extreme pace, which necessitated being aggressive in the pursuit of technical IP that would allow our partners to achieve their goals. But it was the prospect of bringing in talented individuals like Terry and his team that made this a growth opportunity impossible to pass up," said CEO and co-founder of SnapTrade, Brendan Wood.
Brendan Lee Young, CRO and co-founder of SnapTrade, added, "We have been singularly focused on building a high-quality product, and the acquisition of Wealthly allows us to accelerate along that path. Our partners are going to benefit massively from this acquisition."
"When I started Wealthly, I wanted to make investing accessible and transparent to everyone," said Ma, "By joining forces with SnapTrade, I can continue that mission with an incredibly talented team and a company that shares my vision."
SnapTrade exceeded 100,000 connected investment accounts this past May. Major partners include Simply Wall Street, Blossom, Global Predictions, and Passiv. The total assets connected across all SnapTrade partners is over $3 billion.
Passiv is a Canadian fintech company founded in 2017 with the goal of making it easier for retail investors to invest and manage their wealth at retail brokerages and crypto currency exchanges. Retail investors use its software to consolidate accounts and rebalance their portfolios in a single click. The company launched SnapTrade in 2022, which is the infrastructure that powers their B2C product, as a new B2B product for other fintechs to build new investing products on top of their technology.
Source: Passiv Inc.