Content area
Full Text
By Julie Verhage
(Bloomberg) --Wealthfront Inc., one of the largest independent digital wealth management startups, just closed a $75 million round of funding to help develop new products for its growing client base.
The company has amassed just over $9 billion in assets under management since launching in late 2011. While it took 13 months for the firm to get its first $100 million in assets under management, it added $100 million yesterday alone, Chief Executive Officer Andy Rachleff said in an interview. The new round should be “more than enough” to see them through to becoming profitable, he said.
With a client base that skews younger...