Wealth Management Platform Wealthfront Files for Proposed IPO

Core Viewpoint - Wealth management platform Wealthfront has filed for an initial public offering (IPO) and aims to list its common stock on the Nasdaq under the ticker symbol "WLTH" [2][3]. Company Overview - Wealthfront is a tech-driven financial platform designed to assist digital natives in wealth accumulation through services such as cash management, investing, borrowing, and financial planning [3]. - The company has pioneered the use of automation to help clients build investment portfolios [3]. Financial Performance - In the second quarter, Wealthfront reported a year-over-year growth of 24% in platform assets, reaching $88 billion, and a 26% increase in revenue, totaling $339 million [4]. Market Context - Wealthfront's IPO filing follows that of its competitor Chime, which went public earlier in June [5]. - The company had previously been in talks for an acquisition by Swiss bank UBS for $1.4 billion, but the deal was called off in September 2022 due to opposition from major investors and regulatory concerns [5][6].