Wealth Management, Robo-Advisor Personal Capital Raises $75m in Series E Funding

We recently wrote a post on the surge of the robo-advisors in which cited Personal Capital as one of the firms to watch. Today, a press release shows that the San Francisco, CA-based digital wealth management company raised $75m in Series E funding.

IGM Financial Inc., a member of the Power Financial Corporation group of companies, has just invested $50m with an agreement to invest another $25m in the next year. In conjunction with the funding, Jeff Carney, President and CEO of IGM Financial Inc., will be joining Personal Capital’s Board of Directors.
The resulting valuation for Personal Capital is approximately double the valuation of the Series D round, at approximately $500m.

The company intends to use the funds to scale the business and broaden its services.

Led by Bill Harris, CEO, Personal Capital leverages a hybrid approach to wealth management – combining dedicated financial advisors with customer-facing technology – to serve over 1 million individuals via its free online financial tools and a suite of financial advisory services.
Clients can have access to a licensed financial advisory team, available to answer questions and advise on saving for a child’s college, estate planning, home purchases, 401k allocation etc.

FinSMEs

19/05/2016