Betterment, a startup that uses technology to automate financial planning has raised a Series E round of funding worth $100 million.
The new round is led by Sweden investor Kinnevik. Previous investors including Bessemer Venture Partners, Menlo Ventures, Anthemis Group, and Francisco Partners participated in the new round.
The round values Betterment, the largest of the independent robo-advisers, at $700 million.
Betterment manages clients’ money by investing in exchange-traded funds. Instead of using human financial advisers, the platform relies on technology to automate investing decisions.
The company is currently working on a new RetireGuide feature, which will sync all of their retirement accounts, including non-betterment accounts, to help plan for retirement.
Betterment currently employs 149 workers and is planning to expand with new roles in engineering, design, product management, and investment management.
The company is currently managing nearly $4 billion for 150,000 clients.