Saturday, February 4, 2023

UBS’ Cancels Wealthfront Acquisition

By DAC000 , in fintech bubble , at September 6, 2022 Tags:

Without disclosing reasons. About a one minute read.

Comment: while this might appear dodgy it makes perfect sense: Robo Advisory is not exactly leading edge tech these days. A year ago it was hot. Now it’s not. UBS’ bid valued Wealthfront at $1.4B, but the company has been running since 2009 and actually went to Series E funding; very unusual. I was active in Angel Investing and recall when they were raising money back in 2008; their apps were leading edge. Back then.