Betterment Valuation Rises to $1.3 Billion on Funding Round (2)

Betterment LLC has raised an additional $160 million, pushing the robo-adviser’s market value to almost $1.3 billion.

The funding includes a $100 million credit facility and a $60 million Series F equity round led by venture-capital firm Treasury, Betterment said Wednesday in an emailed statement. Existing investors, including Kinnevik, Anthemis Group and Bessemer Venture Partners, also participated in the round, as did newcomer Aflac Ventures, a division of insurer Aflac Inc.

Betterment, which has about 700,000 clients and oversees $32 billion, plans to use the funding to expand business-to-business units, Chief Executive Officer Sarah Kirshbaum Levysaid ...