Wealthfront has revealed a handful of new integrations that push the company closer to achieving its mission of “self-driving money.”
The robo-advisor turned banking platform has expanded its tech stack to support the automatic transfer of excess cash to a wider range of investment accounts. Wealthfront automatically transfers money either from an internal Wealthfront cash account or external checking account using data aggregator Yodlee for integration. New accounts include individual retirement accounts and college savings accounts; Wealthfront previously only supported automatic cash transfers to internal taxable investment accounts and cash accounts.
“Expanding our transfer destinations was a big priority for us in our work to build an ecosystem that optimizes and automates all our clients’ finances,” according to Vice President Kate Wauck.

The Palo Alto, Calif.-based fintech, which was founded in 2008, has more than 400,000 customers and has raised $204.5 million to date, according to the company. Currently, Wealthfront has more than $23 billion of assets under management.
Next up, the fintech this year is looking to build out integrations to a greater number of investing and savings accounts, giving customers the ability to transfer excess cash to multiple accounts at once; these new integrations will prioritize accounts based on individual goals. Wealthfront is also working to speed up money movement to allow for same-day investing; currently it takes multiple days for clients to initiate a transfer and invest the fund in the market, Chris Hutchins, head of financial automation, told BAN during the Banking Automation Summit in November.
Wealthfront’s ultimate goal is to automate all client finances, a vision the fintech calls “self-driving money.” So far, the company’s mission is built on the ability to monitor outside checking accounts and internal Wealthfront accounts, and automatically move money when the account exceeds the client’s prescribed balance. Customers can also automatically pay bills through the service.
Bank Automation Ignite, taking place April 13-14, 2021 as a virtual experience, is the event for inspiring automation initiatives and investment in financial services. Formerly the Bank Innovation Ignite conference, this new focus creates an event where financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register for the event at www.BankAutomationIgnite.com.




