The Citi and Northwestern Mutual Life-backed online financial advisor has raised $70m in a Kinnevik-led extension to the $100m it secured in March last year.
Betterment, a US-based online financial advisory service backed by financial services group Citi and insurance firm Northwestern Mutual Life, added $70m to a series E round that now totals $170m.
Investment firm Kinnevik led the extension, investing alongside Bessemer Venture Partners (BVP), Menlo Ventures and Francisco Partners. All four also took part in the $100m first tranche in March 2016, which included investment advisory firm Anthemis Group.
Betterment operates a robo-advisor that manages almost $10bn in assets for a…
