Betterment Raises $70 Million At $800 Million Valuation

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Betterment, an online financial advising platform, is now valued at $800 million based on its latest round of financing.

Betterment secured $70 million in funding at a time when the company's business is booming. The last time the company raised money was in early 2016 when it was valued at $700 million and held just $4 billion in assets under management, Bloomberg said. Today the firm's asset under management has more than doubled to nearly $10 billion.

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But Betterment's growth also comes at a time when industry titans such as Vanguard Group are launching their own rival services. The company's co-founder and CEO Jon Stein is aware of this and the recently secured investment will go towards expanding the human advice component of the company and focusing on new products and features that are set to be launched this year.

"We've always prioritized what would have the biggest impact for our customers," Stein said in a press release. "Since the beginning, that's meant focusing on delivering the best possible after-tax returns and empowering customers to do what's best with their money. The additional funding will allow us to fulfill our mission and continue to build products that put even more money back in our customers' pockets."

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