Cloud-based Software Betterment Raises an Additional $32M in Funding

Betterment, is a company that offers a web-based money management service.  According to Forbes, the company has raised $32 million in Series C funding from Citi Ventures, Northwestern Mutual Capital and Globespan Capital Partners, along with existing investors Bessemer Venture Partners, Menlo Ventures and Anthemis Group.

The company hopes to seek an automated role of traditional wealth advisors by offering investors cloud-based software to guide their savings plans and optimize investment gains.

Betterment charges fees starting at .35 percent for customers with less than $10,000 invested through the service.

The number drops to .15 percent for those with more than $100,000 under management. Traditional money managers can charge as much as 1 percent every year.

The average age of the company’s 30,000 customers is 36, with 20% of its assets coming from customers older than 50.

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