New York-based online financial advisor Betterment has raised an additional $70m in funding to continue to grow its business and increase product development.
The round of funding was led by Swedish investment company Kinnevik and counted with the participation of previous investors, including Bessemer Venture Partners, Menlo Ventures, and Francisco Partners.
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Over the past 15 months, Betterment has grown from managing $4bn in assets to nearly $10bn for more than 270,000 customers. According to Bloomberg Markets, the new financing values the startup at $800m, up from $700m.
Since the company’s last financing in March 2016, Betterment has launched a series of new product innovations — access to licensed financial experts on the phone, advanced tax-efficiency tools, and portfolio personalisation.
Jon Stein, founder and CEO of Betterment, said: “We’ve always prioritised what would have the biggest impact for our customers. 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. The additional funding will allow us to fulfil our mission and continue to build products that put even more money back in our customers’ pockets.”
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