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March 20, 2013 08:15 pm GMT
Wealthfront is one of my favorite startups out there today — because it has actually made me money. I’m not alone. The automated investments company has been growing its user base by 20 percent every month, because it cuts out traditional mutual funds and investment advisors and charges its users a very low fee for returns that have been beating the Street. Now it’s aiming at the sluggish and shady finance industry with a $20 million second round of venture funding led by Mike Volpi of Index Ventures, Chamath Palihapitiya of The Social+Capital Partnership and Reid Hoffman of Greylock Partners — plus a large group of angel investors including Matt Mullenweg, Andy Dunn, Adam DAngelo, Michael Schroepfer, Hunter Walk, Cipora Herman and Satya Patel. My personal story is pretty typical of why the company has been doing so well. After Inside Network got acquired in May of 2011 — and after I’d paid off all the taxes and a scary credit card debt from my previous, failed startup — I was stuck trying to figure out what to do with the money I had left. I talked to some financial advisors who recommended various packages that promised uninteresting returns, along with fees that looked to zero out any of those gains. I sat on the problem for months, unsure of what to do. I’d seen Wealthfront launch at the end of 2011 and was curious (it was promising to solve my exact problem), but I only got around to trying it last November after it added an online wire transfer option that didn’t require me to spend hours filling out transfer papers at my bank. Well, and also, once I became confident enough in the direction of the U.S. and world economies that I thought investing would be worth it. I went through its onboarding flow by directing its software to follow a conservative investment strategy fitting to my situation. Wealthfront picked mostly exchange-traded funds (ETFs) for U.S., foreign and emerging market stocks, along with bonds, real estate and natural resources. I began making money from it immediately, no doubt benefiting from the particularly positive mood that many markets have been in since late last year. By February I was like, hey this is pretty great, so I invested a smaller amount and directed Wealthfront to max out the risk on that account. Today, nearly four months after starting to
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/HWPU5Qh7vwk/
Wealthfront, The Investing Service That Has Made Me Money, Raises $20M From Index, Greylock and Social+Capital Partnership
Wealthfront is one of my favorite startups out there today — because it has actually made me money. I’m not alone. The automated investments company has been growing its user base by 20 percent every month, because it cuts out traditional mutual funds and investment advisors and charges its users a very low fee for returns that have been beating the Street. Now it’s aiming at the sluggish and shady finance industry with a $20 million second round of venture funding led by Mike Volpi of Index Ventures, Chamath Palihapitiya of The Social+Capital Partnership and Reid Hoffman of Greylock Partners — plus a large group of angel investors including Matt Mullenweg, Andy Dunn, Adam DAngelo, Michael Schroepfer, Hunter Walk, Cipora Herman and Satya Patel. My personal story is pretty typical of why the company has been doing so well. After Inside Network got acquired in May of 2011 — and after I’d paid off all the taxes and a scary credit card debt from my previous, failed startup — I was stuck trying to figure out what to do with the money I had left. I talked to some financial advisors who recommended various packages that promised uninteresting returns, along with fees that looked to zero out any of those gains. I sat on the problem for months, unsure of what to do. I’d seen Wealthfront launch at the end of 2011 and was curious (it was promising to solve my exact problem), but I only got around to trying it last November after it added an online wire transfer option that didn’t require me to spend hours filling out transfer papers at my bank. Well, and also, once I became confident enough in the direction of the U.S. and world economies that I thought investing would be worth it. I went through its onboarding flow by directing its software to follow a conservative investment strategy fitting to my situation. Wealthfront picked mostly exchange-traded funds (ETFs) for U.S., foreign and emerging market stocks, along with bonds, real estate and natural resources. I began making money from it immediately, no doubt benefiting from the particularly positive mood that many markets have been in since late last year. By February I was like, hey this is pretty great, so I invested a smaller amount and directed Wealthfront to max out the risk on that account. Today, nearly four months after starting toOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/HWPU5Qh7vwk/
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