WealthTech
WealthTech covers the technology layer in retail and high-net-worth wealth management - robo-advisors, RIA platforms, advisor software, alternatives access, retirement and savings apps. The category is anchored by Wealthfront (Tiger Global), Betterment, Trade Republic, Scalable Capital and Nutmeg (JPMorgan) on the consumer side, and by Envestnet (now Bain Capital and Reverence Capital after the take-private), Morningstar, Addepar and Orion on the advisor side. Vanguard Personal Advisor and Schwab Intelligent Portfolios anchor the incumbent robo response.
It spans retail robo-advisors and digital wealth managers, advisor and RIA technology platforms, alternatives and private-markets access, retirement and 401(k) platforms, micro-investing and savings apps, family-office and ultra-HNW software, ESG and impact investing platforms, and crypto-integrated wealth platforms.
Revenue comes from management fees on assets under management, SaaS subscriptions paid by RIAs and wealth managers, transaction and platform fees on alternatives access, recurring software fees from 401(k) and retirement record-keepers, and increasingly performance fees on managed model portfolios.
WealthTech is part of Fintech.
$15B
Global market size
61
Public companies
Key VC investors
Key strategic buyers
How WealthTech companies monetize?
WealthTech companies monetize through management fees on AUM, advisor SaaS subscriptions and alternatives platform fees.
Management fees on AUM
Basis-point fee on customer assets under management. Wealthfront, Betterment, Nutmeg and Scalable Capital all monetise this line; retail robo fees sit at 20-40bps.
Advisor SaaS subscriptions
Per-advisor or per-account fees for portfolio, CRM and reporting software. Orion, Envestnet, Black Diamond and Tamarac sit here.
Alternatives platform fees
Issuance, custody and platform fees on private equity, private credit and real estate funds distributed through wealth platforms. iCapital, CAIS and Moonfare anchor the category.
Retirement record-keeping
Per-participant fees and asset-based fees on retirement plan record-keeping. Empower, Vanguard, Fidelity and SS&C dominate the US market.
Cash-sweep & deposit revenue
Net interest income on customer cash held in sweep programmes. A material revenue line at Wealthfront and Betterment since 2022 rate hikes.
Premium subscriptions
Recurring paid tiers offering tax-loss harvesting, larger plan limits and human-advisor access. Betterment Premium, Wealthfront Tax-Loss Harvesting+ and Trade Republic +.
WealthTech valuations in May 2026
Public WealthTech comps trade at 4.8x EV/Revenue. Median revenue multiple across WealthTech M&A deals was 5.6x in the last 12 months. Median revenue multiple across WealthTech VC rounds was 10x in the last 12 months.
4.8x
Median EV/Revenue as of May 2026 for public WealthTech companies
8.2x
Charles Schwab is the highest valued public WealthTech company based on EV/Revenue (excluding outliers)
5.6x
Median EV/Revenue across WealthTech M&A deals in the last 12 months
10x
Median EV/Revenue across WealthTech VC rounds in the last 12 months
WealthTech market segments
WealthTech spans retail robo-advisors, advisor and RIA technology and alternatives and private markets access.
Retail robo-advisors & digital wealth managers
Direct-to-consumer digital wealth managers. Wealthfront (private), Betterment (private), Acorns and SoFi Invest lead the US; Nutmeg (JPMorgan), Moneyfarm, Wealthify (Aviva) and Plum lead the UK and EU.
Advisor & RIA technology
Portfolio management, performance reporting and CRM software for RIAs. Envestnet (taken private by Bain Capital and Reverence Capital in late 2024 for $3.5B); Orion, Black Diamond (SS&C) and Tamarac (Envestnet) cover the modern stack.
Alternatives & private markets access
Platforms providing wealth-channel access to private equity, credit and real estate funds. iCapital ($170B+ in assets), CAIS, Moonfare and Yieldstreet anchor the category; Allfunds covers fund distribution at scale.
Retirement & 401(k) tech
Digital 401(k), IRA and pension platforms. Guideline, Human Interest and Vestwell lead the US SMB segment; Empower (Power Financial), Fidelity Workplace and Vanguard anchor enterprise scale.
Micro-investing & savings apps
Apps anchored in round-ups, savings goals and fractional investing. Acorns, Stash and Public.com lead the US; Trade Republic, Scalable Capital and Plum dominate European micro-investing.
Family-office & UHNW software
Reporting, partnership accounting and portfolio software for single- and multi-family offices. Addepar leads the modern tier ($6T+ in assets reported); SS&C Eze, Archway (SEI), Pacific Global and Masttro compete.
ESG & impact investing
Wealth platforms with ESG screening, impact ratings and thematic portfolios. Ethic, OpenInvest (J.P. Morgan), Newday and Wealthsimple ESG anchor the category.
Crypto-integrated wealth
Wealth platforms with native crypto exposure. eToro, Robinhood Retirement (with Bitcoin IRAs), Trade Republic Crypto and Bitwise sit at the intersection of wealth and crypto distribution.
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M&A
For category-leading technology companies who are exploring exit alternatives with either financial or strategic acquirers.
Key WealthTech KPIs to track
Assets under management, net new assets, take rate and net revenue retention are the metrics investors track in WealthTech.
| KPI | Definition |
|---|---|
| Assets under management (AUM) | Total customer assets on the platform. The headline scale metric for every retail robo and advisor platform. |
| Net new assets | Inflows minus outflows of customer assets. The cleanest growth metric; Betterment, Wealthfront and Envestnet all disclose. |
| Take rate / advisory fee | Annual fee as percentage of average AUM. Retail robos run 20-40bps; advisor platforms run 5-15bps net of fund costs. |
| Customers | Registered customers or accounts. Reads engagement-led scale; Acorns reports 7M+ subscribers. |
| Average account size | AUM divided by funded accounts. Reads mass-market vs HNW positioning; Wealthfront sits around $50K-$70K; Betterment lower. |
| Net interest margin | NII on cash-sweep and deposit programmes. Material revenue line at Wealthfront and Betterment since 2022 rate hikes. |
| Net revenue retention | Used by RIA platforms (Envestnet, Orion, Addepar) to track customer expansion. Healthy NRR sits at 110%+. |
| Customer acquisition cost | Marketing spend per funded account. Robo CAC sits at $100-$300; RIA platform CAC tracks long sales cycles into the thousands. |
Main WealthTech players globally
The most active WealthTech companies and category leaders globally.
| Company | HQ | Overview |
|---|---|---|
Wealthfront wealthfront.com |  Palo Alto | US robo-advisor with $80B+ in AUM. UBS terminated the $1.4B acquisition in 2022; recapitalised privately and grew NIM-heavy cash account through 2024-25; reportedly preparing IPO documentation. |
Betterment betterment.com | New York | Largest independent US robo-advisor by accounts. $50B+ AUM; expanded into retirement (Betterment 401(k)) and the RIA channel through Betterment Advisor Solutions. |
Trade Republic traderepublic.com |  Berlin | European mobile broker and savings platform. 8M+ customers across 17 European markets; launched a 4% interest-bearing cash account in 2024 and added retirement saving wrappers. |
Scalable Capital scalable.capital | Munich | German wealth platform and robo-advisor. 1M+ customers; BlackRock invested at a €1.4B valuation in 2021; operates Scalable Broker and PRIME+ flat-fee tier. |
Nutmeg nutmeg.com |  London | UK digital wealth manager owned by JPMorgan Chase after the 2021 acquisition. Integrated into the Chase UK app rollout; the longest-standing UK robo with £4B+ AUM. |
Envestnet envestnet.com | Berwyn | Largest US TAMP and RIA technology platform. Taken private by Bain Capital and Reverence Capital in late 2024 for $3.5B; reported $6T+ in platform assets serving 110,000+ advisors. |
Addepar addepar.com | Mountain View | Wealth and family-office portfolio reporting platform. Reported $6T+ in assets on platform; raised $166M at a $3.25B valuation in mid-2024 led by VEPF. |
iCapital icapital.com | New York | Largest alternatives platform for wealth managers. $170B+ in client assets across PE, credit, hedge funds and real estate; serves 100,000+ advisors and 2,500+ asset managers. |
Acorns acorns.com | Irvine | US micro-investing and family financial platform. 7M+ subscribers; acquired GoHenry (now Acorns Early) in 2023; pulled its 2022 SPAC merger and returned to private development. |
BlackRock blackrock.com | New York | Largest asset manager globally (NYSE: BLK), $11.6T AUM. Aladdin is the dominant institutional wealth and asset management platform; iShares anchors the ETF distribution layer. |
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Key WealthTech market trends
The Envestnet take-private at $3.5B, private markets distribution scaling and European ETF savings plans going mass-market are reshaping WealthTech right now.
Envestnet take-private at $3.5B
Bain Capital and Reverence Capital completed the $3.5B take-private of Envestnet in late 2024. The deal removes the largest US listed wealth-tech name and triggered renewed M&A and consolidation discussion at Orion, Tamarac and Black Diamond.
Cash sweeps and NIM-led robos
Wealthfront, Betterment and Trade Republic all expanded cash-account products through 2024-25 to capture higher rates. NIM on customer cash now contributes materially to revenue alongside management fees.
Private markets distribution scales
iCapital crossed $170B in assets and CAIS continued to scale through 2024-25 as private credit, infrastructure and evergreen private equity launched in wealth-friendly wrappers. BlackRock, Blackstone and KKR all expanded direct retail-channel distribution.
Vanguard Personal Advisor scales further
Vanguard Personal Advisor Services passed $400B in assets in 2025, sustaining pressure on independent robo fees. Schwab Intelligent Portfolios and Fidelity Go remain the other large incumbent-anchored offerings.
European ETF savings plans go mass-market
Trade Republic, Scalable Capital, Bitpanda and N26 all launched or expanded ETF savings plans through 2024-25. Aggregate monthly inflows exceeded €5B in Germany and Austria, driving a sustained shift away from active-fund distribution.
AI-driven advice and portfolio personalisation
Morningstar, Addepar and Envestnet rolled out LLM-driven research and portfolio commentary tools through 2024-25. Pure consumer-facing AI advice remains constrained by suitability and fiduciary rules but the back-office advisor workflow has shifted materially.
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