Wealthfront, a Palo Alto, California-based “robo-advisor”, acquired Grove, a financial planning startup.
The amount of the deal was not disclosed.
Founded in 2015 by Chris Hutchins and Chris Doyle, Grove provides tools to empower people to make decisions about their money through a combination of human advisors and technology.
The team will be joining Wealthfront to accelerate the latter’s efforts to deliver Self-Driving Money™, the new service whose vision is to allow clients to optimize money, deposit paycheck into the company’s account with technology handling the rest, ensuring that bills are paid, the right amount of money is in emergency fund and contributing to the most appropriate investment accounts to achieve specific goals.
Founded by Andy Rachleff and Dan Carroll in 2008, Wealthfront provides an automated investment service which executes time-tested investment strategies, automatically looking for opportunities to improve the portfolio’s performance.
It has approx. $12 billion of assets under management.