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.