Betterment, a NYC-based independent digital investment advisor, secured $160m in growth funding.
The capital was comprised of a $60m Series F equity round and a $100m credit facility.
The Series F round, which valued the company at nearly $1.3 billion, was led by Treasury, with participation from existing investors, including Kinnevik, Bessemer Venture Partners, Francisco Partners, Menlo Ventures, Anthemis Group, Globespan Capital Partners, Citi Ventures, and The Private Shares Fund, as well as new investors Aflac Ventures and ID8 Investments.
The $100m credit facility was established with ORIX Corporation USA’s Growth Capital group and Runway Growth Capital.
The company intends to use the funds to accelerate growth across its core retail investment products and advisor solutions, and particularly its 401(k) offering for small and medium sized businesses.
Led by Sarah Levy, CEO, Betterment is an independent digital investment advisor, offering investing and retirement solutions alongside their everyday services for spending and saving. Using technology, the company empower hundreds of thousands of customers to manage their money with expert advice; automated money management tools; and tax-smart strategies that help keep taxes low.
According to a written note, Betterment has $32 billion in assets under management and nearly 700,000 clients.
FinSMEs
29/09/2021