Betterment, the New York-based automated advisory service for wealth management, is adding FDIC-insured checking and savings account services through partnerships with several banks.
“It’s the culmination of something we’ve been working on for a long time.,” says Betterment chief executive and founder, Jon Stein.
While the money management services company has long been one of the dominant forces in fintech — alongside its competitor Wealthfront — one key piece of its offering had been missing. That was its ability to operate as a bank and have an even better window into the finances of its customers.
With the addition of these services, Betterment in some ways completes its financial services puzzle. Historically, says Stein, there were two segments to financial services. Banking for labor and