Tag: Funding
Posted on June 12, 2020
In the first quarter of 2020, Backend Benchmarking had the opportunity to see how the robo-advice landscape reacted during a major sell-off. From a performance perspective, our Q1 Robo Report noted that our robo accounts generally declined in proportion to their equity percentage, albeit with some interesting exceptions. However, there has been an unexpected surge in new-account openings in robos even in spite of the market decline.
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Posted on November 26, 2019
In this update, we are pleased to share details of our continued strong media coverage, information on two new studies we are conducting, and a status update on our application development.
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Posted on October 31, 2019
JP Morgan Enters the Fray, Vanguard Expands
All hands are on deck for automated investing. Shortly after closing Finn, its millennial-focused banking app, JP Morgan launched You Invest Portfolios—its new digital advisor with a minimum account balance of $2,500 and 0.35% advisory fee. With JP Morgan’s entrance into the digital advice space, there are only a few large U.S. banks that have yet to offer or buy a stake in a digital advisor.
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Posted on October 18, 2019
We have been very busy here at Backend Benchmarking. We played a pivotal role in saving 10,000 investors from a substantial tax burden, had numerous media appearances and quotes including a Wall Street Journal article by Jason Zweig, published insightful analyses and commentary to our blog, and made progress building our application.
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Posted on September 20, 2019
I hope that this post finds you well and that you have enjoyed your summer. The last few months have been quite busy at Backend Benchmarking! Here are some highlights of our progress:
Successful Capital Raise
On June 1, we closed a fundraising round with $3.8 million in equity capital—$3.0M in Preferred Equity and $800K in SAFEs. We also secured a signed letter of intent from Peapack Gladstone Bank for an additional $1 million in debt financing. Once the debt financing is finalized, the total amount raised this year will be $4.8 million!
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Posted on August 2, 2019
- Betterment launches a new cash account with an industry-high APY; a debit card and checking account will soon follow
- Robos transition to more complete personal finance platforms
- Banking giant JP Morgan enters crowded robo field with You Invest Portfolios
- Merrill Edge adds Guided Investing with an Advisor
