Robo-advisor Wealthfront files for an IPO

The robo-advisory firm Wealthfront filed confidentially for an initial public offering, a signal that more financial-technology firms are set to go public after a protracted lull.

The number of shares and the price range haven't yet been determined, Wealthfront said in a statement Monday.

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Wealthfront's plan follows rival Chime Financial's IPO, which raised $864 million earlier this month, part of a general thawing of public debuts in the industry. Klarna Group and Plaid have also said that they are poised for an IPO. 

Wealthfront is best known for its automated investing products and an online platform that's attracted younger customers. The Palo Alto, California-based fintech also offers other bank-like services, including high-yield savings accounts. UBS Group attempted to acquire Wealthfront to broaden its high-net-worth customer base, but abandoned the deal in 2022.