Robo-adviser Betterment valued at $700m after further fundraising
By Ben McLannahan
Betterment, the “robo-adviser”, has raised funds valuing it at $700m — 60 per cent higher than a year ago — in a sign that sector leaders are dismissing a broader decline in financial technology.
Automated investment services such as Betterment have expanded rapidly in the US in recent years, attracting mostly younger customers with the promise of looking after portions of their money at a fraction of the cost of a human being. Betterment, a New York-based company that has been through four rounds of equity financing since its founding in 2007, has amassed about $3.9bn of assets under management.