US-based robo advice firm Blooom has passed more than $1 billion in assets under management.
The firm, launched in2013, aims to help investors navigate the enormous 401(k) market or comparable employer-sponsored retirement plan.
“We set out to build technology that would help people that Wall Street wouldn’t,” said Chris Costello, CEO and co-founder, blooom. “When I was a traditional financial advisor, my parents wouldn’t have qualified for our services.”
“This notion that people must qualify for financial help has consumed me and blooom’s co-founders since day one. The $1 billion AUM milestone is validation that we’re helping people add years to their retirement.”
The company has raised a total of $13.2 million in funding.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.