Betterment
Digital wealth manager Betterment is buying Canadian rival Wealthsimple s US book of business.
Betterment, which manages some $28 billion in assets, will absorb around $190 million in assets.
CEO Sarah Levy told Insider that Betterment, which launched in 2010, is on a path to an IPO.
Betterment is set to acquire Canadian competitor Wealthsimple s US-based customer accounts in a deal that will add some $190 million in assets and 17,000 customers to the robo-advisor just three months after the fintech named a new chief executive to usher in growth and expansion.
A pioneer in the robo-advisor space since it launched in 2010 to help customers automate the investing process for low fees, Betterment said it will complete the transfer of Wealthsimple s US-based customer accounts by June, and that those clients will have the choice to opt out of that transfer.