Today we announced that together with UBS we decided to terminate our pending acquisition and will instead remain an independent company. We are continuing to explore ways to work together in a partnership and UBS has given us $69.7 million in financing at a $1.4 billion valuation. I am incredibly excited about Wealthfront’s path forward as an independent company and am proud to share that thanks to the hard work of our team and the trust you put in us, we will be cash flow positive and EBITDA profitable in the next few months.
Seeing the impact Wealthfront has had on the financial services industry has been an incredibly humbling experience. There’s no doubt in my mind that we have pushed this industry to do better for the individual investor. While each year we get closer to achieving the mission we were founded on — democratizing access to sophisticated financial advice — there is still more work to do.
In light of today’s challenging economic environment, it is more important than ever that we are here to help you navigate the landscape so you can reach your long term financial goals. With this fresh round of funding under our belt along with the ability to begin self-funding the business, we are committed to building a lasting company that positively impacts the lives of our clients for decades to come.
That’s our promise to you and I can’t wait for you to see what we’ll be launching in the months ahead. Thank you all for continuing on this journey with us.
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About the author(s)
David Fortunato is Wealthfront’s Chief Executive Officer. He joined Wealthfront in 2009 as the company’s inaugural CTO and was instrumental in launching the company to its first clients in 2011. Previously to his role as CEO, David was the President of Wealthfront. David holds a BS in computer science and economics from Amherst College. View all posts by David Fortunato