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May 24, 2016 at 11:00 AM
SigFig, a high-tech firm that recently announced plans to work with UBS (UBS) to roll out more digital tools to its 7,000 advisors, said Tuesday that it had raised $40 million from UBS, as well as from Eaton Vance, New York Life, Santander InnoVentures, Bain Capital Ventures, DCM Ventures and other organizations.
San Francisco-based SigFig says it plans to use the funding to speed up the growth of its team and its own technology platform. It adds that Comerica Bank is providing the firm with a $7 million credit facility to extend and expand a previous facility, which brings the firm’s total funding to over $70 million.
“Today’s announcement signals a major vote of confidence by some of the world’s most respected financial institutions in the quality of SigFig’s enterprise wealth management technology solutions,” said CEO Mike Sha, in a statement.
“Our business-to-business strategy of partnering with some of the largest financial services companies in the world will help us rapidly scale and achieve our mission of giving all investors, large and small, access to high quality unbiased financial advice. We are very pleased to have the backing of these institutions and the continued support of several of the most respected venture capital firms in the world.”
