Personal finance app SigFig has secured a $50m Series E equity round led by growth equity firm General Atlantic.
Other participation to the round also came from existing backers including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.
Founded in 2007, SigFig offers high-quality investment advice to all types of investors. Through data science, technology and a simple design, the platform enables investors to reach financial targets, no matter their experience or volume of available capital.
Its services include an end-to-end enterprise digital wealth management platform that supports automated investments for financial institutions such as Wells Fargo, UBS, and Citizens Bank and their customers which are around 70 million in total.
The platform aims to bring wealth management services to underserved consumer segments, with a particular focus on those that are traditionally limited to do-it-yourself solutions like online brokerages or mutual funds.
Capital from the round will be used to accelerate the company investments in technology, with it looking to expand its solutions for consumers, advisors, and financial institutions.
General Atlantic managing director Paul Stamas said, “The market for digitally-native investment advisors continues to grow due to increasing customer demand for accessible and affordable financial advice.
?With its B2B2C model, SigFig leverages its industry-leading technology alongside its partners’ existing physical infrastructure and human capital to create a best-in-class advice solution.
As part of the transaction, General Atlantic Paul Stamas will join SigFig board of directors.
Earlier in the month, the firm co-led the $325m Series E funding round of San Francisco-based Opendoor, an online real estate marketplace. The company lets sellers upload home details online and receive cash offers from the startup within 48 hours. If the owner accepts the offer, they take the money and Opendoor puts the property on the market, after minor repairs.
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