Investment management service Wealthfront will have some investment management of its own to do in the coming weeks and months: the company just reported that it has raised $35 million in new capital.
The funding round was led by Index Ventures and Ribbit Capital, and included the participation of existing investors such as The Social+Capital Partnership, Greylock Partners, and DAG Ventures.
Wealthfront’s total funding now stands at $65 million.
Wealthfront is one of the largest automated investment management services in the world. In a market crowded with competitors, Wealthfront continues to see a bright future in automated investing thanks to the 90 million person, $2 trillion dollar millennial generation.
Said the company in a statement: “(Millennials) have grown up with software and lived through two market crashes. They overwhelmingly seek an investment solution that is automated, index-based, and low-cost.”
A few metrics from Wealthfront:
- Growth of more than 700% since the beginning of 2013
- Manages more than $500 million in customer accounts
- Client accounts range from $5,000 to $10,000,000
- More than 55% of the company’s users are below the age of 35
We last reported on Wealthfront when the company launched its new mobile app back in February. The mobile app lets users check account balances, view investment performance, and transfer funds to Wealthfront accounts.
Wealthfront (as “kaChing”) demoed on the Finovate stage as part of Finovate Startup in 2009. Former COO Adam Nash was promoted to chief executive officer in January 2014.