TheStreet.com invests in personal finance site
Bindrim writes, “The investment includes an initial payment of $1.2 million for a roughly 13% stake in the Boston-based company, plus the option of purchasing Geezeo based on a implied value of $12 million at any point over the next year.
“Geezeo combines free online personal finance tools with social-networking to help consumers pursue their financial goals by tracking bank accounts, credit card balances, investments, mortgages, student loans and auto loans. The platform connects to more than 6,000 financial institutions and offers tagging functions that let users create budgets, track spending, set financial goals and interact in finance-related community discussions. Competitors include Wesabe and Mint.com.
“‘Geezeo is a natural place for visitors to the individual Web sites within TheStreet.com network to connect,’ said Thomas Clarke, Jr., chairman and Chief Executive of TheStreet.com.
“The move is part of a broader effort by TheStreet.com to expand into personal finance. The company expects the partnership to drive traffic, revenue and user engagement, while further positioning TheStreet.com brand as a go-to spot for money-related issues.”
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