E-Trade Swallows Cake Financial, Shuts It Down

Cake Financial, a social web service for sharing stock portfolios, has been acquired by E-Trade. The service is to be shut down, information destroyed and account payments reimbursed, according to a thinly positive landing page letter from Cake CEO Steven Carpenter now blocking access to the site. “We are honored to be a part of the E-trade family and believe that E-trade can make the vision we had for all investors a reality,” it reads. No word yet from E-Trade about the deal, the terms of which were not disclosed.

Cake, which launched in 2007, had seen minimal traffic over the past year, according to public records; Compete reports less than 25,000 unique visitors per month. TechCrunch reports the Motley Fool may have also been interested in buying the company. Cake had raised a $1.26 million Series B round from KPG Ventures and Alsop-Louie Partners last year.

Cake competed with Covestor and StockTwits (which, like us, is funded by True Ventures). Another social financial service, Mint, was acquired by Intuit for $170 million in September.

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