Leading robo-adviser Wealthfront plans to make an Initial Public Offering in the future, a company spokesperson has said.
“That's definitely the goal to reach an IPO someday,” senior director of communications Kate Wauck told investing website Benzinga. “I think you'll see a few players remaining at that point [in robo-advising before that time], but honestly no one is approaching it the way that Wealthfront is therefore we plan to have the biggest share of our market.”
The Redwood City, California-based platform is among the largest robo-advice platforms in the world, with nearly USD $5bn in assets under management.
The company has already raised $129.5m, according to Crunchbase. Wauk noted in the interview that the firm was not raising money, although the last funding round was in 2014. In comparison rival platform Betterment has raised nearly $300m since it was founded in 2008.
Wealthfront also recently announced it would offer ethical investing options to its customers later this year.