Betterment, the automated investment platform, has raised another round of financing from private equity firm Francisco partners. The company will use the funds toward faster transactions, and branding for apps and services. Approximately $105m has been raised by the startup to date.
“We didn't need to raise the money today,” Mr. Stein said, adding that the company has $20 million in the bank still available to use. “We're getting a lot of interest from investors.” Mr. Stein said the company will allocate its new money to efforts such as faster transactions and rollovers as well as branding for adviser apps and services. Overall, Betterment plans to optimize its system to reduce the amount advisers would pay in fees and taxes as well as using data analytics. It will help give their customers “a better picture,” according to Mr. Stein"