Personal Capital Launches Education Planner to Prepare You for College Costs

Wealth tech player Personal Capital has picked up on the student loan crisis. The company announced today it is adding a new feature to its dashboard to help families plan and prepare for the rising cost of higher education.

Personal Capital’s Education Planning Tool helps users understand costs of a specific college, compare in-state vs. out-of-state college costs, determine annual savings needs, and track their progress. The differentiating factor in Personal Capital’s new tool is that it allows for what-if scenarios and hypothetical income analyses. For example, users can determine how much more they would need to save if their student took a fifth year to graduate or if they sold their house, received inheritance money, or retired. Users can model multiple potential outcomes and compare the results to their current plan and see the possible effects on their overall portfolio and retirement readiness.

When starting a new education goal, users enter information about their student, planned education costs, and current savings. The planner accounts for inflation or deflation and calculates how much the user needs to save per month or per year to stay on track. Users can see the projections, edit their contribution amounts, and select specific schools to determine potential changes.

Founded in 2009, Personal Capital debuted its One-Click Investment Proposals at FinovateSpring 2014. At FinDEVr Silicon Valley 2016, the company’s Ehsan Lavassani, Founding Engineer & Chief Engineering Officer, and Ravi Gundlapalli, Director of Frontend Engineering, gave a presentation titled, Data-Driven Account Opening. Personal Capital was recently named in CB Insights’ Fintech 250 List. Earlier this year, the company extended its Series E funding round by $40 million, bringing its total capital to $215 million. In late August, Personal Capital reached $5 million in assets under management. Jay Shah is CEO.

Finovate Alumni News

On Finovate.com

  • Ayondo Pursues IPO After Reverse Takeover Deal Lapses.
  • Personal Capital Launches Education Planner to Prepare You for College Costs.
  • Finastra Partners with VASCO to Offer Customers eSignLive Capability.
  • Trustly Teams Up with Emric to Broaden Payment Options for Businesses.

Around the web

  • Cuffelinks features Jon Medved, CEO and Founder of OurCrowd.
  • Openbank, the digital bank of Santander Group, selects Temenos Core Banking.
  • Interxion working with global institutional agency-model broker INSTINET to host the firm’s BlockMatch.
  • Arroweye Solutions selected by Obsidian to produce custom local open-loop prepaid cards.
  • SecureKey Technologies adds National Bank of Canada to its digital identity network.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Avoka Reports Record Growth for Second Consecutive Year.
  • Blackhawk Network Acquires CashStar in $175 Million Deal.
  • Temenos to Power Cloud-Based Lifecycle Management Suite for Baxter Credit Union

Around the web

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • Alaska USA FCU chooses Ignite platform from banking solutions provider Jwaala.
  • Ondot Systems joins Symitar Vendor Integration Program (VIP).
  • Tavant Selected by Newfi Lending To Provide Next-Generation Digital Platform.
  • Plaid delivers bank account integration to enterprise developers.
  • Personal Capital Reaches $5 Billion in Assets Under Management.
  • PayPal launches Mastercard– it’s first cashback credit card offering.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Personal Capital Extends Series E Round by $40 Million

Wealth management company Personal Capital just scored $40 million in additional funding today. The money comes from existing investors as an add-on to the $75 million Series E the company received from IGM Financial in May of 2016.

This brings Personal Capital’s total funding to $215 million since it was founded in 2009 by Bill Harris, former CEO of both Intuit and PayPal. The company, which aims to build a better money management experience for consumers, offers financial tools such as a retirement planner, a portfolio fee analyzer, and a net worth assessment. To differentiate the platform from other wealth management tools, Personal Capital prides itself on offering a high level of personal touch by combining digital advisory technology and human advisors. The company will use the funds to boost product development and marketing, grow its human advisor workforce, bolster offerings for specific customer segments, and expand its offices in San Francisco and Denver.

In the press release, the company disclosed it now has $4.9 billion in AUM, $1.4 billion of which was added in the past 7 months. Over the course of the same time frame, the company’s average client size has grown from $340,000 to $380,000. Jay Shah, CEO of Personal Capital, said that the funding will help the company “capitalize even further on [its] rapid growth trajectory.”

The San Francisco-based company also announced this week that it has integrated with real estate investment platform PeerStreet. The partnership aims to offer Personal Capital clients a more comprehensive view of their overall net worth. With PeerStreet data loaded into a Personal Capital account, users can track the performance of their crowdfunded real estate portfolios within the same view of the rest of their net worth. Brett Crosby, co-founder and COO of PeerStreet, said that the integration will improve the customer experience and “provide greater control and transparency.”

Personal Capital debuted its One-Click Investment Proposals at FinovateSpring 2014. At FinDEVr Silicon Silicon Valley 2016, the company’s Ehsan Lavassani, Founding Engineer & Chief Engineering Officer, and Ravi Gundlapalli, Director of Frontend Engineering, gave a presentation titled, Data-Driven Account Opening. Personal Capital was recently named in CB Insights’ Fintech 250 List. Earlier this spring, the company appointed Jay Shah as CEO.

Finovate Alumni News

On Finovate.com

  • Personal Capital Extends Series E Round by $40 Million.
  • Conversational AI Comes to USAA Courtesy of Clinc.
  • nCino Inks 100th Customer in Pacific Western Bank.

Around the web

  • Actiance Introduces First Compliance and Archiving Solution for WeChat and WhatsApp.
  • Xero expands Stripe partnership for automated reconciliation.
  • DBS, Xero unveil bank feed integration for SMEs.
  • ICT solution provider Telindus announces integration into the Ripple network.
  • LeanXcale earns a spot in the DB-Engines Ranking of relational and NoSQL database management systems
  • BioCatch granted patent for technology that detects remote access tools in order to spot malicious behavior.
  • Flybits launches new Experience Studio, announces partnership with Bouygues Energies & Services.
  • Wipro opens new Silicon Valley Innovation Center in Mountain View, California.
  • Micronotes partners with TimeTrade to bridge the clicks-to-bricks divide.
  • Credit Union CEOs Move 5 Millionth Member to Insuritas.
  • Gro Solutions to relocate its headquarters to Midtown Atlanta.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • AlphaPoint Launches Solution for Initial Coin Offerings
  • Finovate Alums Prepare for Citi Tech for Integrity Challenge Finals

Around the web

  • Bellingham, Washington-based Whatcom Educational Credit Union (WECU) to deploy core processing technology from Fiserv.
  • Digital Wealth Insights reviews Moven Enterprise.
  • Ledger announces XRP support on Nano S and Blue.
  • IDology named one of 2017’s Best and Brightest Companies to Work For in Atlanta.
  • Bankless Times: Lighter Capital an alternative for tech startups.
  • Barefoot Innovation Group features Bill Harris, CEO of Personal Capital.
  • Check Point’s SandBlast Mobile receives Miercom’s Certified Secure Award.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York earlier this year. If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • FinDEVr Veteran OutsideIQ Acquired by Exiger

Alumni updates

  • Plaid and Dwolla partner to provide fully-tokenized ACH payment integration.
  • Xero features its partnership with Equifax.
  • London Metal Exchange locates LMEselect Platform at Interxion’s Data Center
  • Envestnet unveils expanded data analytics portfolio for wealth management.
  • FinDEVr Alum Quovo Raises $10 Million
  • Prival Bank of Panama to deploy Temenos’ core banking solution, T24.
  • Trulioo adds new Canadian data sources to its GlobalGateway verification technology.
  • Jay Shah promoted to CEO of Personal Capital
  • Xero awarded the Best Overall Fintech Platform by the Fintech Breakthrough Awards.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • Twitter Talk: The Top Tweets from FinovateSpring 2017
  • FinDEVr Alum Quovo Raises $10 Million

Around the web

  • TransferWise unveils new APAC hub in Singapore.
  • Temenos adds open banking, PSD2-based services to its MarketPlace initiative.
  • Ten FIs join Ripple’s cross-border, blockchain network.
  • Prival Bank of Panama to deploy Temenos’ core banking solution, T24.
  • Qumram wins “Best RegTech Company” in 2017 FinTech Breakthrough Awards.
  • Pendo Systems completes first full deployment of the Pendo Data Platform and receives certification as a Women’s Business Enterprise.
  • Trulioo adds new Canadian data sources to its GlobalGateway verification technology.
  • Jay Shah promoted to CEO of Personal Capital
  • Xero awarded the Best Overall Fintech Platform by the Fintech Breakthrough Awards.
  • Jumio wins Best Fraud Prevention Platform Category in FinTech Breakthrough Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

We saw some great stuff at FinDEVr New York last week; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

Alumni updates

  • FinDEVr New York newcomer Fiserv announces enhancements to its real-time, loan servicing solution, LoanServ.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.
  • PYMNTS.com looks at speculation that Kabbage may acquire OnDeck.
  • BBVA among the latest companies to join Hyperledger.
  • MasterCard introduces new fraud detection solution, Decision Intelligence.
  • Credit Donkey lists StockTwitsDriveWealth, and Personal Capital among its Best Investing Apps of 2017.
  • Forrester recognizes FinDEVr newcomer Outsystems as a leader in low-code development platforms.
  • E-commerce services from Vantiv achieve Oracle Validate Integration. Video of Vantiv’s FinDEVr 2017 New York presentation will be available soon.
  • VISA to enable electronic business payments for SME clients of B2B electronic invoicing network, Viewpost.
  • Fiserv reports nearly 30 banks and CUs deployed its digital banking technology in 2016, taking the total number of FIs using its online banking solutions to 3,500.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.