Investments in financial technology companies continue to be on a tear, as everyone sees an open field to grab the attention… and money of millennial consumers (and even the preceding generations before they enter financial dotage),
With the field continuing to expand, each flavor of technologically enhanced financial services vendor is looking to be the hub for consumer services.
As an increasing number of companies enter the fray, Betterment (at this point one of the industry’s elder statesmen after launching in 2010 at TechCrunch Disrupt) has raised $100 million in new financing to build out its war chest and invest in new products and services.
Like, Wealthfront, its West Coast competitor, the New York-based Betterment believes that it has the right angle on convincing millennials to make its service the entry point to a wider world of financial health.
No one puts it more plainly than Betterment chief executive and founder Jon Stein. “Our goal is to become the central financial relationship for our clients,” he said in a statement.
The company has added a number of features like a retirement guide and account aggregation, but the new developments that are perhaps most encouraging for the company are the work with corporate customers on retirement plans and with financial advisors as a white label tool that advisors can use with their own existing clients.
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