19 March 2018
visit www.ebaday.com

Betterment eyes profits, IPO on $70 million round

24 July 2017  |  6650 views  |  0 Benjamin franklink US Note

Online financial advisory firm Betterment has raised $70 million, valuing the robo-advisory hybrid at $800 million.

Swedish investment company Kinnevik led the round, extending its financing from last year. Previous investors Bessemer Venture Partners, Menlo Ventures, and Francisco Partners also participated in the round.

Over the past 15 months, Betterment has grown from managing $4 billion to now nearly $10 billion in assets for more than 270,000 customers.

Since the company's last Series E financing in March 2016, Betterment has launched a series of new products including access to licensed financial experts on the phone, advanced tax-efficiency tools, and enhanced portfolio personalisation.

Betterment chief Jon Stein says the cash will go to building up the human touch element of its service as the company seeks its first profits and eyes a possible IPO.

"We've always prioritised what would have the biggest impact for our customers," Stein says. "Since the beginning, that's meant focusing on delivering the best possible after-tax returns and empowering customers to do what's best with their money."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Robo-advisor Betterment raises $100m

Robo-advisor Betterment raises $100m

29 March 2016  |  6118 views  |  0 comments | 13 tweets | 7 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
Visit www.nextgenbanking.co.ukvisit www.ebaday.com

Top topics

Most viewed Most shared
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
9048 views comments | 28 tweets | 39 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
8461 views comments | 9 tweets | 8 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
7236 views comments | 18 tweets | 17 linkedin
Barclays propels Coinbase into Faster PaymentsBarclays propels Coinbase into Faster Paym...
7182 views comments | 15 tweets | 29 linkedin
AI augmenting compliance processesAI augmenting compliance processes
6914 views comments | 3 tweets | 5 linkedin

Featured job

Competitive base + commission
London, UK

Find your next job