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Financial Software - Friday, January 15, 2010

Cake Financial Shuts Down. eTrade Buys Its Tech

San Francisco-based has been shut down and its technology and it seems its staff has been bought by eTrade. We understand that the company did not get much traction but that certainly it build some nice tools that could be put to good use by eTrade.

Cake Financial was a social investment service that let people track all their investment portfolios. So it was similar to Mint in that it was an aggregator of financial info. It's more social, however, as users can also view the real-time portfolios and performances of their friends, family and top investors all without disclosing net worth, shares owned, and portfolio sizes.

Cake also had investment blogs that could be commented on. Users could write about their buys and sells, provide advice and ask for advice.

Cake Financial was funded by Alsop Louie Partners and angel investors including Baseline Ventures. Cake was founded 3 years ago by Steven Carpenter who previously worked in strategy at Real Networks. He is now working at eTrade.

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