New-York based wealth management platform, Betterment, secured $100m in Series E funding, led by Kinnevik. This raise will allow the robo-advisor to build new services for not only it's initial target customer - the millennial, but also for corporates and financial advisors who can use Betterment as a way to manage their clients' accounts.
Investments in financial technology companies continue to be on a tear, as everyone sees an open field to grab the attention… and money of millennial consumers (and even the preceding generations before they enter financial dotage), With the field continuing to expand, each flavor of technologically enhanced financial services vendor is looking to be the hub for consumer services. As an increasing number of companies enter the fray, Betterment (at this point one of the industry’s elder statesmen after launching in 2010 at TechCrunch Disrupt) has raised $100 million in new financing to build out its war chest and invest in new products and services. Like, Wealthfront, its West Coast competitor, the New York-based Betterment believes that it has the right angle on convincing millennials to make its service the entry point to a wider world of financial health.
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