Wealthfront launches first Self-Driving Money™ service
Palo Alto-based digital wealth management company Wealthfront has launched a new service called Autopilot that automates a client’s savings plan where a customer will deposit their paycheck with Wealthfront that will automatically pay the bills through auto-pay, and later figure out which account it should be routed to based on what the customer wants.
“The system we’re building has the potential to be one of the biggest wealth creation engines of our generation, automatically optimizing your money in the background while saving you time and stress.” – Wealthfront co-founder, Dan Carroll.
Founded in 2008, Wealthfront raised over $204 million across 6 rounds of financing to develop a banking software that doesn’t require any branches and doesn’t require a consumer to talk to anyone. It targets “millennials who save” and got its start as a robo-adviser but has been pushing further into banking with a cash account where users have access to a debit card, and can receive paychecks two days early as direct deposits.