Wealthfront Officially Files for IPO, Following Fintech Trend
Wealthfront, a pioneer in automated investing, publicly filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission on Monday, joining a growing number of financial technology companies too seek public funding this year. the company confidentially submitted its draft registration statement in June.
The public filing signals Wealthfront’s intention to begin a roadshow to attract investors, with a listing expected within weeks. As of July 31, Wealthfront reported $88 billion in assets under management and served 1.3 million customers, according to the filing. CEO David Fortunato leads the company.
“Digital natives typically have large liquid savings with long time horizons ahead, and they are undeterred by corrections and bear markets,” Wealthfront stated in its filing.
Wealthfront’s move follows recent IPOs from fintech firms like Chime and Klarna. This story is developing and will be updated as more facts becomes available.
