Betterment Raises $10M Series B

Improvement (www) Improvement Com), a ground-breaking online investment account that makes life better, today announced that it has secured $10 million in second round financing under Menlo Ventures. Existing investors Bessemer Venture Partners and Anthemis Group also participated in the round of major contributions. Since its launch in 2010, Betterment has experienced rapid growth, increasing customer assets under management to 500% per year.

Behavior-based financial advice, elegant design and extremely low-cost portfolio management are the hallmarks of Betterment’s radically different approach. Its streamlined solution frees up time and helps people get to their biggest dreams faster. The only low-cost investment service for both automating good behavior and helping customers make better choices, Betterment is dedicated to helping people live better. Compared to the average money manager, the company estimates that it will save its current customers $5 billion in fees over their lifetimes. Compared to do-it-yourself financial planning and investment, Betterment estimates that it saves customers 9 million hours-or the equivalent of 110 full working lives. * *

“Menlo Ventures has a proud history of investing in businesses that think big Improvement disrupts one of the most archaic industries-an industry hungry for innovation and full of bad practice,” said John Jarve, Managing Director of Menlo Ventures. “Betterment is the Investing Apple: a powerful product with a simple, seamless UX. We are proud to partner with these bold innovators. “That’s right.

“We are very pleased to announce our partnership with Menlo Ventures,” said Jon Stein, CEO and Founder of Betterment. “Financing enables us to accelerate growth and improve our product in all areas that our customers have been asking for. We will soon be offering improved mobile experience, better options for shorter-term objectives, a more holistic approach to money management, and new behavioral ways to encourage people to make the most of their money and their lives. “That’s right.

Launched in May 2010, Betterment has evolved to include Traditional and Roth IRAs, unique advantages such as self-deposit, self-balancing, goal-based investment, and the recently launched Betterment Gifts, a next-generation gift register that enables people to contribute to the greatest dreams of their friends and family. The typical complexities and time-consuming tasks of a well-managed investment account are automated with the sophisticated platform of Betterment, freeing up time for other important things in life. Behavioral guardrails built into the account help users make smarter choices about their finances.

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