Online financial advisor Betterment LLC has secured $70 million in new funding, boosting its valuation and giving it more clout to compete with rivals in an intensifying market.
The new capital, raised from existing investors, values the New York-based startup at $800 million, up from $700 million in the last financing round in early 2016. Swedish investment firm Kinnevik AB led the round. Betterment said much has changed since the last influx of capital.
“We’ve grown from $4 billion assets under management the last time we raised to nearly $10 billion now,’’ Jon Stein, Betterment’s co-founder and chief executive officer, said in a phone interview. “We’ve also launched more products, added more human advice, and we’ve got a lot in the works that will make for a really busy fall.’’