Robo advisor Wealthfront files for initial public offering

Wealthfront, a robo advisory firm, filed publicly for an IPO amid a slew of fintech companies pursuing long-awaited listings.

The Palo Alto, California-based company had net income of $60.7 million on revenue of $175.6 million for the six months ended July 31, compared with net income of $132.3 million on revenue of $145.9 million a year earlier, according to a filing Monday with the Securities and Exchange Commission. 

The potential listing would follow those of fintech companies Klarna Group and Chime Financial, which moved ahead with IPOs in recent months as the market recovered from disruption over the Trump Administration's tariff policies. The auto finance platform Lendbuzz and insurance tech firm Ethos Technologies have filed for potential listings this month.

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Wealthfront is best known for its automated investing products and an online presence that's attracted younger customers. The fintech also offers other bank-like services, including high-yield savings accounts. It had $88.2 billion of platform assets by July 31, the filing shows.

Net income in the six-month period to July 31 included a $13.3 million provision for income tax, versus a tax benefit of $54.1 million in the corresponding period in 2024, the filing shows. Wealthfront's adjusted earnings before interest, taxes, depreciation and amortization increased 16% year over year.

UBS Group agreed in 2022 to acquire Wealthfront for $1.4 billion to broaden its high-net-worth customer base, but abandoned the deal later that year.

Wealthfront had previously filed confidentially for an initial public offering, according to an announcement in June. The company's investors include Tiger Global, which has a 19.7% stake before the offering, DAG Ventures with 12.3% and Index Ventures with 11.5%, the filing shows.

The offering is being led by Goldman Sachs Group and JPMorgan. The company plans for its shares to trade on the NASDAQ stock exchange under the symbol WLTH.

— With assistance from Paige Smith and Georgie McKay.