In the U.K. there’s old money, really old money and then there’s C. Hoare & Co.
The London firm was started in 1672 by Richard Hoare and has tended to the affairs of diarist Samuel Pepys, poet Lord Byron and novelist Jane Austen. That’s almost a hundred years older than the famous Rothschild dynasty, which was founded in the 1760s. After more than three centuries of continuous operation, the family still runs the show, overseeing about 4.4 billion pounds ($5.6 billion) of deposits and sticking to a traditional way of doing business.
Apparently, this penny bank was/is hugely popular in Japan. It actually seems like a great way to get kids to start saving money.
But the move has significant symbolism, because it’s the first time Google has openly backed a content company by taking an equity stake.