Betterment, a NYC-based independent wealth robo-advisor, raised $100m in Series E round of funding.
The round was led by Swedish investment company Kinnevik with participation from previous investors Bessemer Venture Partners, Anthemis Group, Menlo Ventures and Francisco Partners.
The company intends to use the funds to grow its business and increase product development.
Led by Jon Stein, Founder and CEO, Betterment is an independent robo-advisor that allows people to manage, protect, and grow their wealth through technology. With more than 150,000 customers and over $3.9 billion in assets under management, the service offers a globally diversified portfolio of ETFs with personalized advice in a goal-based investing framework.
Customers can open and customize regular investment accounts, traditional/SEP/Roth IRAs, trust accounts, and accounts for retirement income. The firm, which also has expanded its platform to serve the RIA and 401(k) markets, also provides a retirement planning tool that lets people know how much they should save and if they are investing correctly.