Why a new Betterment chief could usher in an IPO
Founder Jon Stein wasn’t able to achieve his ultimate goal of an initial public offering, but he transformed the little-known New York-based fintech into a digital behemoth
December 18, 2020 2 MINS
The departure of Betterment founder and CEO Jon Stein, after a decade at the reins of the industry’s leading independent robo-adviser, was certainly surprising and a bit bittersweet.
Stein wasn’t able to achieve his ultimate goal of an initial public offering, but he transformed the little-known New York-based fintech he started on the heels of the Great Recession in 2010 into a digital behemoth with more than $25 billion in managed assets and more than 550,000 customer accounts, according to the company.
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Betterment s new CEO is replacing founder Jon Stein at a super-competitive moment for the robo-advisory industry the startup has helped pioneer, with wealth- and investment-tech rapidly consolidating.
Sarah Kirshbaum Levy, a former longtime ViacomCBS executive, will grapple with growing Betterment s brand and drawing in new customers from legacy wealth managers that dwarf it in size.
While candidates for Stein s role largely felt confident in the brand, some had concerns around the general business model of robo-advisors, a source familiar with the process said.
Why the IPO market is so hot - Wall Street relocates to Florida - What s next for Betterment
Why the IPO market is so hot - Wall Street relocates to Florida - What s next for Betterment
Dan DeFrancescoDec 14, 2020, 17:25 IST
Spencer Platt/Getty
Welcome back.
It s the last full week of the year, so it ll be interesting to see how much gets done before the markets slow down during the holidays.
One thing is for sure, the red-hot streak IPOs have been on should cool down a bit. The Wall Street Journal reported Saturday that Affirm was postponing its IPO, following in the steps of Roblox.
IPO frenzy goes into overdrive - Inside Coatue s short-lived quant fund - Blackstone TV
Meredith MazzilliDec 12, 2020, 21:02 IST
Blackstone cofounder and CEO Stephen Schwarzman.Reuters/Shannon Stapleton
Happy Saturday!
It was a wild week for IPOs. Now, one company is taking a time out. Roblox is delaying its initial public offering until next year after the video game maker decided it would be too difficult to price its shares, the
Wall Street Journal reported on Friday night.
We took a look at what s been driving the
IPO rush and enormous pops in early days of trading for big names like Airbnb and DoorDash. From Alex Morrell:
The Airbnb logo is displayed on the Nasdaq digital billboard in Times Square in New York on December 10, 2020. - Home-sharing giant Airbnb was set for its Wall Street debut Thursday with a whopping $47 billion valuation amid a feverish rush for new shares in companies adapting to lifestyle changes imposed by the coronavirus pandemic. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images) KENA BETANCUR/AFP via Getty Images
From Dakin Campbell:
In April, just weeks after the raging coronavirus pandemic threatened to shut down the US economy, Silver Lake Partners and Sixth Street Partners made a bold bet.