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Cake Financial sells and bows out to E*Trade

Cake Financial made analyzing stock portfolios fun and enriching.  I’ve written about the startup on a variety of occasions (see here and here) and generally liked how Cake approached their business.  By providing login information to trading accounts, Cake users received enhanced performance metrics and idea generation for current and future investments.

Cake had downsized recently and seemed to be struggling to get its financial ship in order, while enjoying a community of users and analysts who typically lauded the firm’s progress.

So, it wasn’t totally surprising to see that late last week, Cake had shuttered its doors.  While the Cake website makes no mention of of why, what and how, it appears that the site and services were closed immediately and all monies returned to paying clients and private records erased.

Only after digging further, VentureBeat reports that they’ve sold to powerhouse E*Trade.  Hmmm, I assume given the skittishness of broker/dealers like E*Trade to appear in the news caused Cake to remove mention of the online broker.

Wait — it gets better.  While Cake is still mum, TechCrunch reports that The Motley Fool was also in the running to purchase the technology.  TC also has the full text of the original announcement citing E*Trade as the buyer, as well.

While everything appears sketchy and light on numbers, it appears from the circumstances that this was a fire sale with E*Trade incorporating some technology and team into their firm and purging the rest.