On strength of $1.4 billion of AUM and 90 RIA clients, Betterment raises $60 million of VC funding as it looks to disrupt RIA custody
The New York City-based robo added $1 billion in 11 months and (sources say) has bigtime RIAs contemplating it as a primary platform, CEO Jon Stein says
Bill Winterberg
“How much should I be saving in my IRA versus my 401(k)? Am I saving enough relative to my goals? We want to give that peace of mind in five minutes. That’s not an easy task,” says Stein.
WARNING: financial planning algorithms ahead. Proceed with caution.
Nevertheless, congratulations Jon and the Betterment team and keep doing what you’ve been doing.
Mike
Congrats to Jon and the Betterment team on a fantastic win for fintech in NYC. I think you have it right Brooke, Motif and Betterment in a few years will be major players in the RIA custody space. More and more they are more of a TAMP than anything. This will open up the market for the Robo 2.0 players:
https://www.hedgeable.com/blog/2014/12/we-dont-need-robots-introducing-the-digital-wealth-manager-2-0/
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