Betterment told Family Wealth Report that the average age of its clients is 36, with 50+ individuals representing its fastest-growing investor segment (20 per cent of assets).

With no minimum investment amount, the firm has a variety of clients: some are “just starting out” while others are “very experienced investors.”  Betterment’s largest individual account size is $10 million.

“More people are becoming customers every day, and our existing customers continue to invest more with us,” said Jon Stein, Betterment’s founder and chief executive.

In addition to raising the new round of funding, Betterment is welcoming Peter Christodoulo of Francisco Partners to its board of directors. 

“We have long felt that the wealth management space was overdue for a solution that could better serve the majority of Americans through smarter technology,” Christodoulo said.