Wealthfront acquires Grove to support its ‘self-driving money’ goal

Robo-advisor platform Wealthfront has acquired financial planning startup Grove to enhance ‘self-driving money.’

Wealthfront’s self-driving money service will enable clients to optimise each dollar they earn. A client can deposit their paycheck into Wealthfront and the app will automatically ensure bills are paid, the correct amount of money is put in their emergency fund, and the right amount is being invested to meet specific goals and maintain their lifestyle.

Founded in 2015, Grove is a personal finance management platform which helps consumers meet their savings goals. Its platform offers users information regarding the impact of certain purchases such as buying a house of starting a family.

Grove co-founder and CEO Chris Hutchins said, “We are so excited to be joining the Wealthfront team and are extremely grateful to our clients, employees, and investors who helped us get to this point.

“We’ve always appreciated the role technology and automation can play in scaling quality financial advice. We are dedicated to the vision of Self-Driving Money™ as we believe it will have a huge impact on how people manage their finances.”

WealthFront is a robo-advisor that also offers financial planning, investment management, and banking related services. This solution helps young professionals and families to invest at low-cost mobile-based services.

Last year, the WealthTech company collected $75m in a funding round led by Tiger Global Management and is being used to support the development of the platform and client interactions.

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