Automated investments company Betterment recently raised $70 million in a Series E funding. Kinnevik led the round, which is an extension of its $100 million Series E from March. Previous investors include Bessemer Venture Partners, Menlo Ventures and Francisco Partners.
The largest independent automated investing service in the U.S., Betterment is no stranger to big fundings. Past rounds include a $60 million Series D in 2015, a $32 million Series C in 2014 and a $10 million Series B in 2012 — and the company’s growth is equally explosive. In a span of just 15 months, Betterment gained $6 million in assets.
“We've been fortunate to have our growth continue to pick up speed,” said Joe Ziemer, VP of Communications. “We're attracting more new customers than ever before and existing customers are continuing to increase their balances.”
The service provides users with optimized investment returns for individual, IRA, 401(k) and rollover accounts. Recently updated features include access to licensed financial advisors and advanced tax-efficiency tools that produce better returns and lower fees. This latest funding is expected to improve the service even further.
“We'll continue to release new features that provide our customers with a delightful experience that maximize returns,” said Ziemer.
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