Robo-advice giant Wealthfront considers IPO

By Moriah Costa on Thursday 10 August 2017

Savings and Investment

The American digital wealth management firm aims to have the biggest market share.

Leading robo-adviser Wealthfront plans to make an Initial Public Offering in the future, a company spokesperson has said.

“That's definitely the goal to reach an IPO someday,” senior director of communications Kate Wauck told investing website Benzinga. “I think you'll see a few players remaining at that point [in robo-advising before that time], but honestly no one is approaching it the way that Wealthfront is therefore we plan to have the biggest share of our market.”

The Redwood City, California-based platform is among the largest robo-advice platforms in the world, with nearly USD $5bn in assets under management.

The company has already raised $129.5m, according to Crunchbase. Wauk noted in the interview that the firm was not raising money, although the last funding round was in 2014. In comparison rival platform Betterment has raised nearly $300m since it was founded in 2008.

Wealthfront also recently announced it would offer ethical investing options to its customers later this year.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.