Automated investment service Betterment is growing at a torrid pace through the first half of 2015.
The company has managed to woo over 100,000 customers to its algorithm based investment service and has grown its assets under management to $2.5 billion.
“It took us about 4.5 years to add the first 1.2 billion, but in the last six months we’ve added another 1.3b to now manage 2.5,” says Jon Stein, Betterment’s chief executive.
The firm’s investment strategy depends on a customized investment strategy using algorithms to balance a portfolio of index-tracking exchange traded funds with allocation advice based on indvididual goals. The investment company offers a variety of investment accounts, including traditional, and Roth IRAs, trust accounts, and accounts for retirement income.
Earlier this year, Betterment released new features including Tax Loss Harvesting+ and Tax Impact Preview and an advice engine called RetireGuide. The company also has a SmartDeposit feature that harvests cash from bank accounts into their Betterment accounts.