Online investing firm Betterment garners $32 mln

New York-based investing platform Betterment said Tuesday that it has received $32 million in funding. New backers Citi Ventures, Globespan Capital Partners and Northwestern Mutual Capital joined previous investors Bessemer Venture Partners, Menlo Ventures and Anthemis Group in the round.

PRESS RELEASE

NEW YORK – April 15, 2014 – Betterment, the leading online investing platform, today announced the close of a $32 million round of funding. This round includes participation from previous investors Bessemer Venture Partners, Menlo Ventures and Anthemis Group. They are joined by new investors Citi Ventures, Globespan Capital Partners and Northwestern Mutual Capital.
“We’ve been growing at an incredible rate and continually improving the customer experience,” says Jon Stein, Founder and CEO. “This round of funding will allow us to further focus on accelerating our growth and the development of best-in-class products. We’re very fortunate to have a great group of investors to support our efforts.”
“Betterment’s platform offers an automated, online approach to investing with low fees and real-time tools, giving customers an efficient way to manage their money. We are excited to be part of this investment,” said Arvind Purushotham, Managing Director at Citi Ventures.
Launched in 2010, Betterment has accumulated over 30,000 customers, the largest customer base of any online financial advisor. The award-winning company offers a seamless, technology-enabled service that delivers asset allocation, tax optimization, smart rebalancing and more at a low cost. Betterment will continue to build new features and tools into the platform, designed to improve returns and minimize costs.
“Our core mission has always been to make sophisticated investing practices accessible to the masses and enable our customers to reach their financial goals,” added Stein. “More people trust Betterment managing their investments than any other online advisor. We’re looking forward to a long, successful relationship with our customers and this round of funding is another step to ensure that reality.”
For more information, please visit www.Betterment.com and follow @Betterment on twitter.
About Betterment
Betterment is a goal-based online investment company delivering smart, personalized financial advice paired with low fees and a superb customer experience. Launched in 2010, Betterment’s sophisticated platform eliminates the typical complexities and time commitment of the traditional investment account, freeing up time for other important things in life. Behavioral guardrails built into the account help users make savvy, rational decisions with their finances. For more information, please visit www.betterment.com and follow @Betterment on twitter.

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