Betterment raises $32 million in funding
Betterment is an online money management service that has raised $32 million in Series C funding from Citi Ventures, Northwestern Mutual Capital, Globespan Capital Partners, Bessemer Venture Partners, Menlo Ventures, and Anthemis Group. Betterment automates wealth advisory responsibilities through its cloud-based software.
Betterment offers a guide to savings plans and optimize investment gains. Betterman charges fees that start at .35% for customers with under $10,000, according to Forbes.
This number drops to 0.15% for users with over $100,000 under management. Traditional money managers charge as much as 1% per year. Betterment manages $500 million in assets, which is growing by around 10% per month.
[Source]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry