Betterment, a NYC-based independent online financial advisor, raised $70m in funding in an extension of last year’s Series E round.
Swedish investment company Kinnevik led the round, with previous investors Bessemer Venture Partners, Menlo Ventures, and Francisco Partners also participating.
The company intends to use the funds to continue to grow its business and increase product development.
Led by Jon Stein, Founder and CEO, Betterment is an independent robo-advisor, offering a globally diversified portfolio of index-tracking exchange-traded funds (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 company also has expanded its platform to serve advisors and 401(k) markets.
The company now manages nearly $10 billion in assets for more than 270,000 customers.