Digital financial advisory firm Betterment acquires Ellevest’s automated investing arm
US digital financial advisory firm Betterment has acquired the automated investing business of New York-based wealthtech Ellevest for an undisclosed amount.
Betterment acquires Ellevest’s automated investing business
Announcing the deal, the two companies say that Ellevest will transfer its automated investing accounts and assets under management to Betterment “on or about” 17 April 2025, with clients being given the option to opt out of the transfer.
The companies add that Betterment “will only be acquiring Ellevest automated investing accounts and assets under management; it will not be acquiring any additional accounts, technology, employees, or operations as a part of the transaction”.
Founded in 2014 with a “mission to get more money in the hands of women”, Ellevest says it will continue offering financial planning and wealth management services to high and ultra-high-net-worth clients who are “looking to invest $500,000 or more”.
Ellevest CEO and CIO Dr Sylvia Kwan explains: “As we focus on our growing wealth management and financial planning business, Betterment was the natural home for our digital-first clients. On top of automated investing, Betterment offers features that many of our digital clients have expressed interest in, including joint accounts and other cash account options.”
Betterment, a unicorn since 2021, claims to serve over 900,000 customers in the US and manages over $55 billion in assets. The company provides a range of services, including automated investing, portfolio management, IRAs, financial planning tools, and cryptocurrency investing.
The deal with Ellevest builds on a series of recent acquisitions for the firm, including the purchases of Wealthsimple’s US advisory accounts in 2021 and Goldman Sachs’ Marcus Invest accounts in 2024.
