Got spare dollars to invest but not necessarily millions of them? Don’t mind sharing your bank account information with a startup? The growing sector of online financial advisers now has another well-funded entrant, with FutureAdvisor closing a $15.5 million Series B round.
Online Investment Manager FutureAdvisor Raises $15.5M to Fund Its Own Future
The company’s selling point is that it helps people rebalance their existing 401(k), IRA and taxable accounts.
The financing was led by Rebecca Lynn of Canvas Venture Fund, who also sits on the board of Lending Club, and includes previous investor Sequoia Capital.
San Francisco-based FutureAdvisor is one of a class of online investment startups that includes Wealthfront, Betterment and Personal Capital. Its selling point is that it helps people rebalance their existing 401(k), IRA and taxable accounts — rather than helping them set up dedicated new accounts — either by giving them free advice or moving actual money around for a 0.5 percent annual management fee.
FutureAdvisor has more than $110 million in assets under management (for the paid product), and it tracks $11.4 billion in total (that’s the free product), making it the smallest of the group, but also the youngest.
This article originally appeared on Recode.net.
