Tag: Funding

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. 

Read More…

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.

Read More…

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!

Read More…

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
Read More…

Posted on May 18, 2019

Robos expand into banking and cash management, as high yield account options have proliferated among direct to-consumer fintech platforms

Wealthfront joined the growing trend of fintech companies that offer high-yield accounts designed for cash savings. Betterment announced their cash management program late last year, as did trading app Robinhood. Robinhood launched its product with an aggressive 3% interest rate, but made a regulatory miscalculation and quickly pulled their product offline to reconfigure. Although these savings vehicles often appear very similar, there can be important differences. For example, Wealthfront places funds in FDIC insured bank accounts, while Betterment’s product invests funds in a conservative fixed income portfolio.

Read More…