Digital investment advisor Betterment has been valued at nearly $1.3bn, following the close of a $60m Series F funding round.
The equity injection was led by Treasury, with support also coming from Kinnevik, Bessemer Venture Partners, Francisco Partners, Menlo Ventures, Anthemis Group, Globespan Capital Partners, Citi Ventures and The Private Shares Fund.
Also joining the round was first time Betterment backers Aflac Ventures and ID8 Investments.
Betterment also received a $100m credit facility from ORIX Corporation USA and Runway Growth Capital.
With the fresh $160m, Betterment hopes to accelerate the development of its investment products and advisor solutions, with a focus on growing its 401(k) offering for small and medium sized businesses.
The WealthTech company claims to have $32bn assets under management and 700,000 clients.
Betterment CEO Sarah Levy said, “From day one, Betterment’s mission has been to make people’s lives better with easy-to-use, personalized investment solutions. The record growth and demand for Betterment products and services proves how well we deliver.
“We are thrilled to have the support of new and existing investors who believe in our business model and are excited by the opportunity to support our growth. We’re using these funds to further cement our category leadership with rapid innovation on top of our already differentiated product suite and unique, multi-pronged distribution model that serves retail investors, advisors and small businesses.”
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