Largest Independent Digital Investment Advisor Plans to Offer Customers Managed Crypto Portfolios in an All-in-One Platform

Betterment, the largest independent digital investment advisor in the US, announced today that it has entered into an agreement to acquire Makara, an innovative manager of cryptocurrency portfolios. The acquisition will provide consumers and financial advisors the ability to invest in expert-built, diversified crypto portfolios alongside their existing investments, through an easy-to-use customer experience they have come to expect from Betterment.

“Crypto is here to stay and Betterment wants to live our promise of long-term diversification and to provide our customers with the best variety of assets in the marketplace,” said Sarah Levy, Betterment’s CEO. “Makara is unique in offering consumers managed crypto portfolios combined with the guidance and ease-of-use that have defined Betterment. Makara is to crypto today what we are to traditional investing, since pioneering robo-investing a decade ago.”

Betterment allows consumers to invest in cost-efficient, expert-built, equity portfolios, reducing the complexity and risks inherent in individual stock trading. Similarly, Makara offers simple, expert-managed crypto portfolios and education to investors ranging from the crypto-curious to crypto sophisticates. Adding Makara’s offerings to Betterment’s platform will strengthen and further differentiate Betterment’s product suite.

Makara’s team of crypto experts and engineering talent will join Betterment upon the closing of the transaction, which is expected later this quarter subject to customary closing conditions.

“We are thrilled to be joining Betterment,” said Jesse Proudman, Makara’s Co-Founder and CEO. “We developed Makara to bring an easy and accessible long-term investing approach to cryptocurrencies. Combining our crypto expertise with Betterment’s scale will accelerate the growth of the platform with both retail investors and financial advisors.”

Following a year of triple-digit growth in net deposits and a successful Series F fundraise, this acquisition represents another milestone in Betterment’s expansion and market leadership.

PJT Partners served as financial advisor to Betterment on the transaction.

To learn more, visit www.betterment.com/crypto.

About Betterment
Betterment LLC (“Betterment’) is the largest independent digital investment advisor, offering investing and retirement solutions alongside their everyday services for spending and saving. Since 2010, Betterment has had one mission: to make people’s lives better with easy-to-use, personalized investment solutions. Using cutting-edge technology, they empower hundreds of thousands of customers to manage their money – for today, tomorrow, and someday – with expert advice; automated money management tools; and tax-smart strategies designed to keep taxes low. Learn more www.betterment.com.

About Makara
Makara is one of the first SEC-registered investment advisers to offer automated cryptocurrency portfolios. Built with security at the forefront, investors can have confidence in Makara’s simple investing experience through curated crypto portfolios alongside educational resources. Makara offers passive exposure to dozens of vetted cryptocurrencies via its thematic baskets, which are tailored to meet different investment goals and interests. Built on powerful investment technology, Makara is accessible and available whenever crypto markets are. For more information, visit makara.com.

Betterment LLC’s parent company, Betterment Holdings, Inc., has entered into an agreement to acquire Argonaut Asset Management Inc. (d/b/a “Makara”). This above material and content should not be considered to be a recommendation. Investing in digital assets is highly speculative and volatile, and cryptocurrency is only suitable for investors who are willing to bear the risk of loss and experience sharp drawdowns. Purchases or holdings of cryptocurrency are not FDIC or SIPC insured.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Investment advisory services are provided by Betterment LLC, an SEC-registered investment adviser.  Brokerage services are provided to clients of Betterment LLC by Betterment Securities, an SEC-registered broker-dealer and member of FINRA /SIPC.

Contact Info
Danielle Shechtman, danielle@betterment.com
Arielle Sobel, arielle@betterment.com