Wealthfront reaches $50 billion in assets

Wealthfront, the fintech startup that was acquired last year by UBS for $1.4 billion, announced that it now oversees more than $50 billion in assets for over 700,000 clients, largely young professionals across the US.

Founded in 2008, Wealthfront got its start as a robo-adviser but has been pushing further into banking with a cash account and access to instant cash. This year, the company introduced new product lines, leading to an increase in new clients, a higher share of wallet among existing clients, and additional revenue diversity for the business.

According to the company, the business is profitable and generates significant cash flow from operations, with EBITDA margins above 40%.

“This milestone is a testament to our team’s relentless focus on creating value for our clients and our commitment to building a profitable company that puts clients’ interests above our bottom line. Our focus on automation allows us to deliver more value to the client, and we look forward to continuing this work.” – David Fortunato, CEO of Wealthfront.