TheStreet.com is acquiring Bankers Financial Products Corp., the parent company of BankingMyWay and RateWatch, for $25 million in cash and stock. RateWatch is a B2B site targeting banks and credit unions, offering competitive data as a subscription service. BankingMyWay is a consumer site offering information on mortgage rates, CDs, loans and other retail financial products, along with links to money-related content. The purchase of the site will broaden TheStreet’s (NSDQ: TSCM) scope, putting it into competition with BankRate. Release.
A Journal-Sentinel story from February explains that the RateWatch service first started in 1990, but that BankingMyWay was launched just this year as an outlet to distribute the company’s data to consumers.