Personal Capital adds another $25m to Series E round

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fintech insurtech wealthtech regtech ai cybertech esg news

Online wealth management app Personal Capital has added a further $25m to its Series E round.

IGM Financial pumped an initial $50m into the company in May with a further $25m dependant on the company reaching a growth milestone by the end of Q2 2017.

Personal Capital passed that milestone this month by adding $1.5bn under management in the last year to take it to more than $3.4bn in assets.

The progress marks more than 80% growth over the past 12 months.

San Francisco-based Personal Capital was valued at $500m for the round, double its valuation during its $50m October 2014 Series D round.

The company is also announcing a new $25m credit line from Silicon Valley Bank to bring the total financing raised by the firm to $100m in 2016.

Personal Capital offers a dashboard and financial tools designed to allow users to better manage their finances and grow net worth.

The company also offers a full suite of advisory services to offer users personalised investment portfolios.

Personal Capital CEO Bill Harris said, “Over the past six months, we’ve been able to grow marketing, staffing, and offerings to our users and clients.

“With the final $25 million in investment secured, we look forward to seeing even more growth as we help more families manage their financial lives.”

Copyright © 2016 FINTECH GLOBAL

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