Personal Capital raises $50M Series F to drive continued growth of fintech platform

by April Bohnert
February 6, 2019
Personal Capital $50M Series F fintech funding Colorado
Photo via Personal Capital.

Digital wealth management company Personal Capital raised a whopping $50 million in Series F funding yesterday at its highest valuation to date, bringing its total funding to more than $265 million.

Founded in 2009, Personal Capital has set itself apart in the industry for its unique high-tech, high-touch approach to wealth management that combines simple, user-driven financial tools and live consultations with financial experts.

“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 CEO Jay Shah in a statement. “Ongoing support from our investors has been integral to scaling up Personal Capital and delivering on our mission.”

 

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.”

Personal Capital’s Series F follows another year of tremendous growth. In 2018, the company, which has a large office in Denver, made several key executive hires, launched a new office in Atlanta, rolled out several new products features and partnerships, and moved its headquarters from San Carlos, CA to Redwood Shores to accommodate its rapidly expanding team. More recently, the fintech company surpassed $8.5 billion in assets under management and 2 million registered users on its platform, which manages and tracks more than $650 billion in aggregated account value.

Personal Capital plans to use the funds to continue driving growth, investing in new industry partnerships and enhancing its technology platform.

The round was led by Canadian financial services investment firm IGM Financial Inc., which also led the company’s Series E.

“We remain extremely excited about how Personal Capital is changing the wealth management landscape and the company's role within our broader fintech growth strategy,” said Jeff Carney, president and CEO of IGM Financial, in a statement. “As the fintech space gets more crowded, Personal Capital is uniquely positioned with its offering of smart technology accompanied by human advice for mass affluent and high-net-worth clients.”

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