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Swedish firm Kinnevik, who led Betterments prior round, re-upped their commitment in this $70M raise based on a doubling of AUM from $4B to $10B.
While Betterment has grown, so have its competitive threats. Industry giants such asVanguard Group Inc., Charles Schwab Corp., and the largest company in the private fintech market, Social Finance Inc., have recently launched either automated advisers or hybrid versions. Large firms like JPMorgan Chase & Co., UBS Group AG and BlackRock Inc. have also been making advancements in the field, either through creating robots in-house or striking partnerships. Stein said that with the increased competition, it’s important that this new funding go toward expanding the human advice component the company recently added and focusing on the products and features it plans to launch later this year.
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