Silicon Valley-based wealthtech player Personal Capital is living up to its name as it has raised $50 million in a Series F funding round led by IGM Financial, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).
The firm is in a personable mood as it has recently surpassed $8.5 billion in assets under management and two million registered users on its platform, which tracks more than $650 billion in aggregated account value.
The company didn’t go into specifics, but the funding will be used for growth, enhance its technology platform, and invest in partnerships.
“We have stayed laser focused on our mission of building a business that uses the ideal combination of technology and advisors to help Americans achieve clarity and confidence in their financial lives,” said Jay Shah, CEO of Personal Capital.
In terms of details, it has launched Smart Withdrawal, a personalized and interactive withdrawal strategy planner for retirement.
The company also announced a partnership with Alight Solutions and AllianceBernstein to create WealthSpark that will provide American workers with insights to their finances through Personal Capital’s technology.
Personal Capital is headquartered in Redwood City with hubs in San Francisco, Denver, Dallas, and Atlanta. It was founded in 2009.
IGM Financial is a Canadian personal financial services company, with approximately $154 billion in total assets under management. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel.
Personal Capital demonstrated the One Click Investment Proposals feature of its platform at FinovateSpring 2014. The company is also a veteran of our developers conferences, most recently providing a presentation titled Data-Driven Account Opening at FinDEVr Silicon Valley in 2016.