Wealth management platform Wealthfront is reportedly the latest FinTech planning to go public. The company has filed confidentially for an initial public offering in the U.S. The report noted that Wealthfront’s planned IPO follows its rival Chime, which went public earlier this month, raising $684 million and indicating a thaw for FinTech listings. Two other FinTechs, Klarna and Plaid, are also preparing for IPOs. Wealthfront is known for its automated investing tools and an online platform popular with younger customers, along with banking services such as savings accounts. UBS tried to purchase the company to bolster its high-net-worth customer base, but called off the deal in 2022. Wealthfront, founded in 2008 by Andy Rachleff and Dan Carroll, provides automated tools such as cash accounts, ETF and bond investing, trading as well as low-cost loans to its clients.
The company, a pioneer in using automation to build low-cost investment portfolios, has incorporated elements of artificial intelligence into its financial planning software.