Now with $1bn AUM

Now with $1bn AUM

Wealthtech company Blooom says it has surpassed the $1 billion assets under management (AUM) milestone, reports Julie Muhn at Finovate (Banking Technology‘s sister company).

Blooom manages employer-sponsored 401(k) and 403bs for “thousands of clients” across the US. This comes just 16 months after the company announced it surpassed $300 million AUM.

In a blog post, Blooom’s CEO Chris Costello makes a point to express the speed at which the company arrived at this milestone. “We also take pride that this Kansas-based company reached the milestone faster than both Betterment or Wealthfront – while doing so on a fraction of the capital,” Costello says. He adds that he uses the competitors’ achievements to benchmark the company’s own.

Costello co-founded Blooom with Randy AufDerHeide, who is the company’s CTO. The wealthtech firm differentiates itself by sticking to its three principles: no more jargon; transparent and fair pricing; and stability and values. The company has raised a total of $13.2 million in funding.