Munich-based robo-advisor Scalable Capital has closed a Series D investment round of €50 million ($58 million) at a post-money valuation...
Robo advisors are meant to be simple and automated to keep costs low and allow your wealth to accumulate; in looking at the top four firms in the market the Wall Street Journal found that humans choose what goes into the portfolios; this begs the question whether investors are aware of this human intervention; the WSJ takes a closer look at how Vanguard Group's Vanguard Personal Advisor Services (PAS), Betterment, Wealthfront and Schwab Intelligent Portfolios allocate their clients money; while robo advisors are deemed a simple solution they might not be and investors should understand how their money is allocated. Source
blooom has developed a digital advice platform for defined contribution employer benefit plans; it seeks to provide automation, transparency and simplicity around retirement investing; the platform currently offers both automated and personal financial advice through online chats with human advisors; it recently raised $9 million and plans to expand its client base from 6,000 to 50,000 by the end of 2017. Source
Yomoni has raised $5 million from Crédit Mutuel Arkéa and Iéna Venture; the firm provides a robo advisory service in France where the concept of robo advice is still very new; the firm will use the funds to expand its workforce and add new features; fees for the service are approximately 1.60% per year; the firm currently has $12.9 million in assets under management and is targeting $1.08 billion by 2020 with plans to potentially expand in Europe. Source
UK robo advisor Scalable has doubled its assets under management in the last three months to EUR 200 million ($213 million); this includes approximately 5,000 client portfolios with an average value of EUR 40,000 ($42,659); the firm says it continues to grow steadily adding EUR 1 million ($1.07 million) in assets under management per day; Scalable launched in the UK in the summer of 2016; it has since expanded to Germany and Austria and has reported significant growth from a partnership with Siemens Private Finance for employee investment plans. Source
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