Robo Top? Online Adviser Betterment Gets $700 Million Valuation as Rivals Emerge

By Peter Rudegeair and Telis Demos

Online financial adviser Betterment LLC said Tuesday it has raised new funding that values the company at $700 million.

The New York-based firm, one of the largest “roboadvisers” that allocates savers’ portfolios into low-cost index funds, amassed $100 million in new equity financing with the deal. The fundraising round was led by Investment AB Kinnevik, a Swedish investment group that holds large stakes in European Internet companies.

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This article originally published March 29th, 2016 on The Wall Street Journal.