A big asset manager is embracing “robo” finance advice. BlackRock Inc. said Wednesday it is purchasing FutureAdvisor, a privately held pioneer in the fast-growing business of using automated computer models to build and manage investment...
BlackRock Acquires Sequoia-Backed FutureAdvisor
BlackRock, the world’s largest asset manager, is acquiring FutureAdvisor, a five-year-old, San Francisco-based online financial advisory firm that aims to help people manage their existing IRAs, 401(s) and other investment accounts. According to the Financial Times, FutureAdvisor was picked up for between $150 million and $200 million. The company had raised $21.5 million from investors, shows Crunchbase.
Wealth Management Startup FutureAdvisor Raises $15.5 Million
Looking to bring top-flight wealth management services to the middle class, FutureAdvisor has raised $15.5 million in fresh capital. The round was led by new investor Canvas with participation from the company’s previous investors including Sequoia Capital. Y Combinator, one of the country’s top accelerators, provided the initial boost for the company’s launch into the marketplace in September 2013. Unlike other wealth management tools like Betterment or Wealthfront, FutureAdvisor is catering to a different, less wealthy clientele.