Kinnevik invests a further USD 65 million in Betterment
(Thomson Reuters ONE) -
Kinnevik AB (publ) ("Kinnevik") today announced an investment of USD 65m into
Betterment LLC ("Betterment"), the largest independent automated investing
service company in the United States, as the company extends its financing round
from last year.
The USD 70m extension to the March 2016 financing round was done by existing
investors and led by Kinnevik. The transaction is subject to customary US
regulatory approvals, and is expected to be completed by end of August. Post the
investment, valuing Betterment at USD 800m, Kinnevik will own 16% of the
company's share capital.
Betterment is the largest independent automated investing service in the United
States, managing nearly USD 10bn of assets for more than 270,000 customers.
Since Kinnevik's initial investment in March 2016, Betterment has grown their
assets under management by over 135% and launched a series of industry-leading
product innovations. In addition to the market's leading digital investing
service, customers now also have access to licensed financial advisors on the
phone, advanced tax-efficiency tools and a range of other new features that
helps them achieve better returns at low and transparent fees.
Kinnevik's acting CEO, Joakim Andersson, commented: "The follow-on investment
into Betterment forms part of our strategy of growing our ownership share in key
private assets, as well as strengthening our financial services vertical.
Betterment has continued to impress us with its strong growth, customer-centric
focus, cutting-edge technology and talented team. We are excited to provide
additional capital to the company to accelerate the roll-out of further products
and services to help customers maximise their returns. "
"Kinnevik and Betterment have formed a strong partnership over the last year,
and we welcome their increased commitment to our growth story" added Jon Stein,
CEO and Founder of Betterment. "We are uniquely positioned to help our customers
get better advice and the returns they deserve, and the additional funding will
fortify our ability to build personalised financial services around the customer
to allow them to optimise their financial life."
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83
Kinnevik is an industry focused investment company with an entrepreneurial
spirit. Our purpose is to build the digital consumer businesses that provide
more and better choice. We do this by working in partnership with talented
founders and management teams to create, invest in and lead fast growing
businesses in developed and emerging markets. We believe in delivering both
shareholder and social value by building well governed companies that contribute
positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor
and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list
for large cap companies under the ticker codes KINV A and KINV B.
Betterment is one out of four Kinnevik investments in the financial services
sector, together with Bayport (a leading provider of inclusive financial
solutions in emerging markets with a presence in nine countries), BIMA (offering
affordable and uniquely designed life and health insurance products via mobile
phones, with a presence in 15 countries across Africa, Asia, Latin America and
the Caribbean), and Qliro Financial Services (part of Qliro Group, and a
provider of innovative payment services to customers of Qliro Group's stores and
external merchants in Sweden, Finland and Denmark).
Press release:
http://hugin.info/1114/R/2122151/809114.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinnevik via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2017 - 08:01 Uhr
Sprache: Deutsch
News-ID 553318
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