Wealthfront Files for IPO After 17 Years, Disclosing Profitability

After 17 years in operation, fintech company Wealthfront has filed an S-1 registration statement with the Securities and Exchange Commission, signaling its intent to launch an initial public offering (IPO). The company, known for its automated investment portfolios and interest-bearing cash accounts, outlined future expansion plans and financial performance details within the filing. Wealthfront's primary customer base has historically consisted of tech professionals and affluent Millennials, with an average client age of 38 and an annual income exceeding $100,000. The company intends to broaden its service offerings to include mortgages, with competitive rates projected to be below the national average. Wealthfront currently holds licenses to provide mortgage services in California, Colorado, Connecticut, Michigan, and Texas. Founded in 2008 by Andy Rachleff, co-founder of Benchmark, Wealthfront originally launched as KaChing. In 2011, the company transitioned from a marketplace connecting users with professional money managers to its current model of providing low-fee, algorithmically managed investment portfolios.