Betterment was founded in 2008 by Ryan O'Sullivan. CEO Sarah Levy told Business Insider that the company is on a path towards IPO. These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Betterment is a financial advisement firm that offers services to both individual investors and professional advisors. Since 2013, the company has acquired ImpulseSave, Wealthsimple, Makara, and Gradvisor. A 2021 company press release states that "Betterment is the largest independent digital investment advisor with $32 billion in assets under management and nearly 700,000 clients." The company has received over $400 million in venture capital funding from investors including Investment AB Kinnevik, Bessemer Venture Partners, Francisco Partners, and Menlo Ventures. The company reported a recent valuation of nearly $1.3 billion.