One of the biggest players in the robo advisor space is adding $60 million to its war chest.

Betterment has announced a new round of private equity funding led by Francisco Partners, whose Peter Christodoulo will join Betterment's board of directors. Private equity firms Bessemer Venture Partners, Menlo Ventures and Northwestern Mutual Capital, all of which have invested in previous funding rounds, also participated in the latest financing round.

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