Robo-advice platform passes $1bn of assets

 

US-based robo advice firm Blooom has passed more than $1 billion in assets under management.

The firm, launched in2013, aims to help investors navigate the enormous 401(k) market or comparable employer-sponsored retirement plan.

“We set out to build technology that would help people that Wall Street wouldn’t,” said Chris Costello, CEO and co-founder, blooom. “When I was a traditional financial advisor, my parents wouldn’t have qualified for our services.”

“This notion that people must qualify for financial help has consumed me and blooom’s co-founders since day one. The $1 billion AUM milestone is validation that we’re helping people add years to their retirement.”

The company has raised a total of $13.2 million in funding.

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