(Bloomberg) -- Betterment has surpassed $5 billion in assets under management, the first independent robo adviser to do so, as financial technology startups broaden the reach of investing services and offer lower fees than many traditional wealth managers.

The pioneer of automated investing is still a small player in the multitrillion-dollar wealth management industry but has seen substantial growth since it was founded in 2008. Assets under management were $1 billion just 18 months ago, before new clients signed up and current members added funds to their accounts, said CEO Jon Stein.

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