United States Fintech Wealthfront Files for Nasdaq IPO to Raise $485 Million (Include Shareholders Shares Sale) at $2 Billion Valuation, Founded in 2008 as kaChing by Andy Rachleff & Dan Carroll, Wealthfront Has 1.3 Million Customers & $90 Billion Client Assets, UBS Terminated $1.4 Billion Merger in 2022
4th December | Hong Kong
United States fintech Wealthfront has filed for Nasdaq IPO to raise $485 million (Include shareholders shares sale) at $2 billion valuation. Wealthfront was founded in 2008 as kaChing by Andy Rachleff & Dan Carroll. Wealthfront has more than 1.3 million customers & $90 billion client assets. Wealthfront – Wealthfront is a tech-driven financial platform helping digital natives turn their savings into wealth. Wealthfront’s broad suite of products, including cash management, investing, borrowing, and financial planning solutions, address the diverse needs of its clients regardless of the economic environment. Wealthfront pioneered using automation to offer low-cost diversified portfolios, and the company’s software-driven platform allows it to deliver solutions to clients quickly, conveniently, and at low cost. In 2022, UBS (Americas) & Wealthfront (Digital Wealth Management) announced the mutual termination of their $1.4 billion merger with $27 billion AUM (merger announced in January 2022), with UBS instead investing $69.7 million via a convertible note into Wealthfront shares. UBS: “UBS remains committed to its growth plans in the US and will continue the build-out of its digital wealth management offering.” In 2022 January, UBS signed an agreement to buy United States automated wealth management provider Wealthfront in an all-cash transaction valued at $1.4 billion, acquiring $27 Billion AUM, 470,000 clients, and average of $57,000 holdings per client. Through this acquisition, UBS will accelerate its growth ambitions in the US, broaden the firm’s reach among affluent investors and expand its distribution and capabilities. Group CEO of UBS Ralph Hamers: “Adding Wealthfront’s capabilities and client base to our global investment ecosystem will significantly boost our ability to grow our business in the US … Wealthfront complements our core business in the US providing wealth management to high net worth and ultra high net worth investors through trusted relationships with financial advisors, and will enhance our long-term ambition to deliver a scalable, digital-led wealth management solution to affluent investors.”
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“ United States Fintech Wealthfront Files for Nasdaq IPO to Raise $485 Million (Include Shareholders Shares Sale) at $2 Billion Valuation, Founded in 2008 as kaChing by Andy Rachleff & Dan Carroll, Wealthfront Has 1.3 Million Customers & $90 Billion Client Assets, UBS Terminated $1.4 Billion Merger in 2022 “
United States Fintech Wealthfront Files for Nasdaq IPO to Raise $485 Million (Include Shareholders Shares Sale) at $2 Billion Valuation, Founded in 2008 as kaChing by Andy Rachleff & Dan Carroll, Wealthfront Has 1.3 Million Customers & $90 Billion Client Assets, UBS Terminated $1.4 Billion Merger in 2022
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