@Betterment congrats on the massive round from actually a legitimate top tier investor people heard of. Fastest growing software advisor!
— Igor Lotsvin (@lotsvin) Feb. 18, 2015
Francisco Partners, which focuses on technology investments, has raised $10 billion in capital for investments in technology companies since it started more than 15 years ago. One focus in particular for the company is financial technology.
"We're very passionate that software and technology is changing the way people do things," Peter Christodoulo, a partner at Francisco Partners, said. "This is another technology disrupting the wealth management sector to provide solutions for wealth management needs."
Mr. Christodoulo said what makes Betterment different is the firm's use of vertical integration and fast-paced investment solutions, which provides personalized advice and investments made the same day. He said the fact that Betterment has 65,000 customers that invest proves the firm's usefulness.
"We've been waiting for a software solution to make it more efficient and that's what Betterment does," Mr. Christodoulo said.
News of the funding was first published by Reuters on Tuesday, when the news agency broke an embargo. The story still lives on the web through aggregators such as Yahoo! Finance. An official announcement is scheduled to be released on Thursday.
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