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)