Wealthfront Raises $75M in Financing

Wealthfront, a Redwood City, CA-based software-based financial services company, raised $75m round of financing.

The round was led by Tiger Global Management with participation from all existing venture capital investors, Benchmark Capital, DAG Ventures, Greylock Partners, Index Ventures, Ribbit Capital, Social Capital and Spark Capital Growth.

The company will use the capital to expand its efforts to optimize and automate financial services using Path, its automated financial planning service that also consolidates clients’ financial accounts into one view as the foundation for all client interaction.

Launched by Andy Rachleff and Dan Carroll in December 2011, Wealthfront is a robo-advisor combining financial planning, investment management and banking-related services exclusively through software. Anyone with $500 can open a Wealthfront investment account which offers access to the company’s PassivePlus® investment strategy and comprehensive automated financial planning service.

The company, which currently manages more than $9 billion, recently expanded into financial planning services in 2017, launched a number of PassivePlus® investment features as well as its first banking service, the Portfolio Line of Credit.

FinSMEs

04/01/2018

Join the discussion