Wealthfront, a Palo Alto, CA-based automated investment service, raised $64m in financing.
The round was led by Jeremy Philips of Spark Capital Growth with participation from new investor Dragoneer Investment Group, and existing investors Index Ventures, DAG Ventures, Greylock Partners, Ribbit Capital and the Social+Capital Partnership.
The company, which has raised over $129m to date, intends to use the funds to continue to build out its service.
Launched in December 2011 and led by Adam Nash, CEO, Wealthfront provides clients with an automated service to manage their long term investments using tax efficient and low cost portfolios. The company delivers products and services like daily tax loss harvesting, the Wealthfront 500, a single stock diversification service and a new program for employers known as Wealthfront for the Workplace.
The service, which now manages over $1.5 billion, is free for clients with accounts under $10,000, and charges 0.25% on assets above $10,000.