August 6, 2012 – Apple, Inc is currently in talks to purchase The Fancy, a social commerce website, to become even more entrenched in the e-commerce market that is ever growing on the Internet.
The site is backed by Twitter and Facebook co-founders and is a rival of Pinterest. The site allows its users to list things they are interested in. Apple’s goal in acquiring the site is to better leverage over 400 million credit cards the company has in its iTunes store.
Tim Cook, the CEO at Apple, who normally shies away from the social-networking sites that are large, reportedly uses The Fancy after he met the CEO and co-founder of the company Joe Eihorn earlier in 2012.
Social commerce has become a red-hot industry of late as Pinterest has grown phenomenally of recent, doubling the daily unique visitors during the first four months of 2012, to 4 million.
The Fancy, is much smaller that Pinterest, as it is only a start-up of 20 people, but is a lot further along in the ability to link users to transactions and receives10% of a cut for all the purchases.
The Fancy has been valued at $100 million. Sitting on the company’s board are Chris Hughes a co-founder of Facebook and Jack Dorsey a co-founder of Twitter.