Betterment Raises $160 Million at $1.3 Billion Valuation for Fintech Industry

Betterment is a consulting company, which provides its customers with robo-consulting for investing and finance management. It is the biggest independent robo-advisor that helps its clients to invest at as low cost as possible to receive a better outcome.

The funding round Series F was led by Treasury. Among new investors was Aflac Ventures. Existing investors also participated in the round, they are Kinnevik, Anthemis Group, and Bessemer Venture Partners. The round itself raised $60 million, and the credit facility was $100 million. With recent investments, Betterment is going to expand its B2B sector.

Betterment was founded in 2008 by Jon Stein and Eli Broverman in New York. In 2010 they launched TechCrunch Disrupt New York; in this year they also got the first financing. As of now, the company has approximately 700 000 customers. In total, the amount of assets is $32 billion. The mission is “to help people turn everyday investments, no matter how small, into their dreams, no matter how big”. To make investments simpler.

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