Come for the $100 million Series E. Stay for the $700 million valuation.

Betterment, one of the largest robo-advisers in the U.S., has raised $100 million in a Series E round led by Sweden’s Kinnevik, boosting the company’s valuation to $700 million. Also participating in the round were current investors Anthemis Group, Bessemer Venture Partners, Francisco Partners, and Menlo Ventures.

Kinnevik CEO Lorenzo Grab described Betterment as both a fast-growing and “already established” player in the field of online asset management, and credited Betterment for developing “innovative and easy-to-use services.”

Pictured (left to right): Betterment CEO Jon Stein and COO Eli Broverman demonstrating the Multiple Goals feature of the Betterment platform at FinovateFall 2011.

“Betterment shares many of the principles that have made other Kinnevik investment companies successful,” Grabau said. To this point, Grabau listed Betterment’s commitment to affordability, the company’s entrepreneurial spirit, and the idea of that businesses should contribute to their communities. “Everyone should have access to unconflicted and low-cost financial services that enable them to reach their goals,” Grabau said. Kinnevik reportedly invested $65 million of the $100 million total, taking home a 9.3% of share capital in Betterment.

From the perspective of Betterment CEO Jon Stein, it was love at first sight. “From our first meeting,” Stein said, “it was clear that we shared the same values of what a modern day financial company would look like.”

“Our goal is to become the central financial relationship for our clients,” Stein added. “Over the past year, we’ve made great progress toward that goal with features like RetireGuide and account aggregation, but there’s still work to do.”

Founded in 2008 and headquartered in New York City, Betterment demonstrated the Multiple Goals feature of its investment platform at FinovateFall 2011. Betterment provides investors with a globally diversified portfolio of low-cost index exchange-traded funds, along with personalized, goal-based investment advice. And more than 140,000 customers have invested more than $3.5 billion with Betterment since the company’s inception.

In January, Betterment launched its turnkey 401(k) service, Betterment for Business and, earlier this month, the company announced a new account aggregation feature that would enable Betterment customers to sync accounts at other financial institutions and see their full net worth via Betterment’s platform. In partnership with Quovo, Betterment made its FinDEVr debut at FinDEVr New York this week.