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Fintech platform Wealthfront aims to raise up to $485 million in US IPO.

stock :: 3hrs ago :: source - reuters

By Reuters

File photo: The Nasdaq logo is seen at the Nasdaq Market in New York. Reuters

(Reuters) - Automated digital wealth ​management firm Wealthfront said on ‌Tuesday it was aiming to raise as ‌much as $485 million in its initial public offering in the United States.

Wealthfront, founded in 2008 by ⁠Andy Rachleff ‌and Dan Carroll, provides automated tools such as ‍cash accounts, ETF and bond investing, as well as trading and low-​cost loans to its clients.

The ‌company, a pioneer in using automation to build low-cost investment portfolios, has incorporated elements of artificial intelligence into its financial ⁠planning software.

Wealthfront intends to ​list on the ​Nasdaq Stock Market under the "WLTH" symbol. ‍Goldman Sachs,⁠ J.P. Morgan and Citigroup are among the underwriters ⁠for the offering.

(Reporting by Prakhar ‌Srivastava in Bengaluru; Editing ‌by Sahal Muhammed)


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