Automated digital wealth management firm Wealthfront announced plans on Tuesday to raise up to $485 million in its U.S. initial public offering (IPO).
Founded in 2008 by Andy Rachleff and Dan Carroll, Wealthfront provides clients with automated tools covering cash accounts, exchange-traded funds (ETFs), bond investments, as well as trading services and low-cost loans.
As a pioneer in using automation to build low-cost investment portfolios, Wealthfront has integrated artificial intelligence elements into its financial planning software.
The company plans to list on the Nasdaq stock exchange under the ticker symbol "WLTH." Goldman Sachs, J.P. Morgan, and Citigroup are among the underwriters for the IPO.