Automated financial planning platform ‘Betterment’ has raised $100 million

Betterment Funding Round 100 million dollars

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.

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Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated. He can be reached at JeffSpringer@BusinessPundit.com