Digital wealth management platform Personal Capital has received $50m cash infusion through a Series F funding round led by Canada’s IGM Financial.
Without revealing its current valuation, the firm stated that the new funding round had a higher valuation compared to earlier rounds.
IGM president and CEO Jeff Carney said: “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.”
With the new capital, Personal Capital aims to improve its technology and invest in value-added alliances.
Based in California’s Redwood City, Personal Capital has currently signed up two million customers.
The firm, managing more than $8.5bn in assets, also has presence in Denver, Dallas, and Atlanta.
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By GlobalDataRecently, Personal Capital introduced a withdrawal strategy planner for retirement called Smart Withdrawal.
It also developed a tool called WealthSpark to offer workers in the US better insights into their financial position.
WealthSpark has been developed in association with Alight Solutions and AllianceBernstein.
Personal Capital CEO Jay Shah said: “We have stayed laser focussed on our mission of building a business that uses the ideal combination of technology and advisers to help Americans achieve clarity and confidence in their financial lives,”
“Ongoing support from our investors has been integral to scaling up Personal Capital and delivering on our mission.”