Roboinvest, the social investing network that allows the community to follow each other’s trades, has been acquired by Pennaluna & Co., an Idaho-based stock brokerage.
“Roboinvest is going to be relaunched as a new kind of online brokerage under a new brand,” said Michael Giles, founder and CEO of Roboinvest, in an emailed statement.
Currently, Roboinvest is not an online brokerage but it allows E*Trade customers to link their accounts to the website and users can copy another user’s trades.
The new online brokerage will allow users to sign up for trading accounts — no need to link other accounts in order to copy another user’s trades.
(Disclosure: AD60, parent company of MyBankTracker, owns a stake in Roboinvest.)