Wealthfront is a robo-advisor managing $55 billion in assets for 735,000 customers as of the end of 2023. It launched an automated bond portfolio in June 2023, now yielding around 5.5%, and offers high-yield cash accounts with a 5.0% APY in addition to its customizable stock portfolios. Users pay a 0.25% management fee on their portfolios, and Wealthfront also offers loans and generates revenue on the interest it earns from customer deposits.
Funding: $230 million from Tiger Global Management, Index Ventures, Spark Capital and others.
Latest valuation: $1.4 billion.
Date of last valuation: Sept... Read More
Wealthfront is a robo-advisor managing $55 billion in assets for 735,000 customers as of the end of 2023. It launched an automated bond portfolio in June 2023, now yielding around 5.5%, and offers high-yield cash accounts with a 5.0% APY in addition to its customizable stock portfolios. Users pay a 0.25% management fee on their portfolios, and Wealthfront also offers loans and generates revenue on the interest it earns from customer deposits.
Funding: $230 million from Tiger Global Management, Index Ventures, Spark Capital and others.
Latest valuation: $1.4 billion.
Date of last valuation: September 2022.
Bona fides: Revenue grew 150% in 2023 to $200 million; assets under management grew 76%.
Cofounders: Chairman Andy Rachleff, 65, who previously cofounded venture capital firm Benchmark; chief strategy officer Dan Carroll, 42.
CEO: David Fortunato, 38, who spent 10 years as Wealthfront’s CTO and took over from Rachleff in 2021.
Headquarters: Palo Alto, California. Read Less
