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Retirement Planning > Social Security > Social Security Funding

Personal Capital Raises $50 Million in New Funding

By Bernice Napach

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Personal Capital, the hybrid wealth management firm that combines human advice with digital advice, announced it received an eighth round of funding for $50 million, from IGM Financial.

To date, Personal Capital has raised $315 million, including a $40 million line of credit. IGM Financial, a member of the Canadian-based Power Financial Corp. group of companies, has invested more than $125 million. That includes the latest funding round plus two rounds totaling $75 million in 2016 and participation in a $40 million funding round in 2017 as lead investor.

Personal Capital, in a statement, said it will use the latest funding “to further drive growth, enhance its leading technology platform and invest in value-added partnerships.”

“Ongoing support from our investors has been integral to scaling up Personal Capital and delivering on our mission,” said CEO Jay Shah in the same statement. He took over from founder Bill Harris in April 2017.

(Related: Personal Capital Has a New CEO)

Personal Capital reports more than $8.5 billion in assets under management and 2 million registered users on its platform, and it serves roughly 45,000 accounts, according to its latest Form ADV filing made in late September. Founded in 2009 by Bill Harris, a former CEO of Intuit, PayPal and PassMark Security, Personal Capital has continued to enhance its personal finance offerings.

This past summer the firm launched Smart Withdrawal, a personalized, tax-efficient and interactive withdrawal strategy planner for retirement and announced a partnership with Alight Solutions and AllianceBernstein to create WealthSpark, which provides workers with holistic, personalized insights into their finances.

Jeff Carney, President and CEO of IGM Financial, said 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.”

The firm, founded in 2009, has a $100,000 minimum for accounts.

Bernice Napach

@Think_Napach

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