Betterment raises $32m from new and existing backers


dollar large_sqOnline investing platform Betterment has secured $32m in a round backed by new investors Citi Ventures, Globespan Capital Partners and Northwestern Mutual Capital.

The company’s existing backers Bessemer Venture Partners, Menlo Ventures and Anthemis Group also participated in the round.

Betterment, which was launched in 2010, currently has more than 30,000 customers, which is the largest customer base of any online financial advisor.

Citi Ventures managing director Arvind Purushotham said, “Betterment’s platform offers an automated, online approach to investing with low fees and real-time tools, giving customers an efficient way to manage their money. We are excited to be part of this investment.”

Menlo Ventures led a $10m round for Betterment in October 2012.

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