Automated digital wealth management firm Wealthfront announced on Tuesday that it aims to raise up to $485 million in its initial public offering (IPO) in the United States.
Founded in 2008 by Andy Rachleff and Dan Carroll, Wealthfront offers automated tools such as cash accounts, ETF and bond investing, trading, and low-cost loans to its clients. The company is a pioneer in utilizing automation to create low-cost investment portfolios and has integrated elements of artificial intelligence into its financial planning software.
Wealthfront plans to list on the Nasdaq Stock Market under the ticker symbol “WLTH.” Goldman Sachs, J.P. Morgan, and Citigroup are among the underwriters for this offering.