“Kinnevik shares our vision of building a technology-driven financial services company that customers love,” Stein added. “From our first meeting, it was clear that we shared the same values of what a modern day financial company would look like.”
“Betterment is a fast-growing, independent company that has already established itself as a market leader in digital asset management by developing innovative and easy-to-use services,” said Lorenzo Grabau, CEO of Kinnevik. “In a short period of time, it has attracted a large and loyal group of customers who are investing a growing share of their wealth through the Betterment platform.”
“We are delighted to partner with Jon Stein and Eli Broverman, with Betterment’s entire team and with its existing investors to support the company’s long-term growth,” added Grabau. “Betterment shares many of the principles that have made other Kinnevik investment companies successful: a mission to make valuable digital services available and affordable to all, a true entrepreneurial spirit, the pursuit of continuous technical innovation, and a belief in building customer-centric businesses that contribute to their communities. Everyone should have access to unconflicted and low-cost financial services that enable them to reach their financial goals.”
Betterment offers its customers a globally diversified portfolio of index-tracking exchange-traded funds (ETFs) with personalized advice in a goal-based investing framework. Customers can open and customize regular investment accounts, traditional/SEP/Roth IRAs, trust accounts, and accounts for retirement income. Betterment also has expanded its platform to serve the RIA and 401(k) markets.
Betterment has more than 150,000 customers and over $3.9 billion in assets under management. The service offers a globally diversified portfolio of ETFs, designed to help provide customers with the best possible expected returns for retirement planning, building wealth, and other savings goals.