The Social Media Apocalypse – HearSay Raises $30 Million to Help Bankers Use the Web…

The web died a little bit today.

No one loves the social web, venture capitalists and entrepreneurs more than me, but today I puked a little when I read that Hearsay needed $30 million MORE to help bankers use the social web.

I believe Socialware has raised $20 to $30 million to help bankers do the same thing. That’s $80 million to get your financial advisor tweeting!

Oh and the tweets…get ready…this sounds so real-time and riveting:

To help bank employees navigate regulations, Hearsay offers software that includes libraries of approved content to post on social media, and it allows employees to customize their messages as long as they are vetted before publication. In addition, the program lets its users “listen” to activity on their social networks.

It’s difficult to judge how effective these tools are in helping financial firms get business. Anecdotally, some financial advisers and other finance professionals have said that using Hearsay’s software has helped them network — an important component of doing business.

I love that Venture Capitalists are chasing anecdotes, not antibodies.

Of course nobody at The SEC or FINRA cares about the waste they create with their stupid rules.

The good news is that while you may not have the courage to punch a banker, you can now ‘block them’.


  1. ralph braseth says:

    Libraries of “approved” content, “vetted messages” That is so Web 0.0 recipe for immediate failure, let ’em have StockTwits data 48 hours later. AND remember, “Those banks are too big to sue.”……….Eric Holder, bona fide douche bag, top law man in the entire world and our U.S. Attorney General. Just throw me off a building. It’s over.

    • LisaLaMagna says:

      Exactly, it doesn’t matter if banks even “break” the dumb rules, they are too big. These “platforms” will never be social media (authentic, personal, fast) if tweets are vetted and prewritten.

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