Tiger Global Management led a $75 million round of financing for Wealthfront, with participation from all of the latter’s existing venture capital investors, including Benchmark Capital, DAG Ventures, Greylock Partners, Index Ventures, Ribbit Capital, Social Capital and Spark Capital Growth.
Wealthfront is a software-based financial services company that enables underserved young professionals and families to invest through convenient, low cost mobile-based services. The company will use the capital to expand its efforts to optimize and automate even more financial services using Path, its automated financial planning service that consolidates clients’ financial accounts into one view.
“We’re excited to add Tiger Global Management to our roster of investors. Its funding allows us to continue launching innovative features that meet the needs of a group ignored by the traditional industry,” said Andy Rachleff, co-founder and CEO of Wealthfront.
“Wealthfront’s exclusively software-based model gives the company a superior approach to capture the younger, fast-growing market of investors,” said Lee Fixel, partner at Tiger Global Management. “We’re excited to support continued growth of the business and help Wealthfront become to the millennial generation what Charles Schwab is to baby boomers.”