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Wealthfront Valued at $700 Million After $64 Million Investment

Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He is a senior correspondent at Vox.

Wealthfront, the investment advisory service geared toward millennials, has raised a new $64 million investment led by Spark Capital. The company, which has more than $1.5 billion in customer assets under management, is now valued at $700 million, according to a source. “We believe there is a once-in-a-generation opportunity to build a company from the ground up to focus on the millennial investor,” Wealthfront said in a blog post.

This article originally appeared on Recode.net.