Betterment Raises $32 Million To Disrupt Money Management
Summary
Consumer-focused financial services startups of all stripes have raised significant investments from venture capitalists in recent months, as companies try to tackle the morass of modern money management. Betterment’s technology was able to attract new investments from Citi Ventures, Globespan Capital Partners and Northwestern Mutual, which co-led the company’s Series C round. The new investment will be used to expand the suite of products Betterment sells, according to chief executive Jon Stein. With 20% of Betterment’s customers over 50, products and services geared toward retirement planning, estates and trusts are definitely on the roadmap, Stein said. Over the years, Stein said he’s built his company from a basic broker dealer to a company that can now do fractional share trading and offers a full set of accounting tools for personal finance along with advice on investments.
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