Jay Shah, CEO of Personal Capital

Personal Capital, the US-based digital wealth management firm, has recently raised an amount of $50 million in a funding round led by IGM Financial Inc- a member of the Power Financial Group of companies.

 IGM Financial Inc has led the past few funding rounds and has been an investor in Personal Capital since 2016, bringing the total amount of funds invested to $165 million.

“We have stayed laser-focused on our mission of building a business that uses the ideal combination of technology and advisors to help Americans achieve clarity and confidence in their financial lives,” said Jay Shah, CEO of Personal Capital. “Ongoing support from our investors has been integral to scaling up Personal Capital and delivering on our mission.”

Apart from the funding rounds, Personal Capital has recently launched Smart Withdrawal – a tax efficient and interactive withdrawal strategy planner for retirement.  The company also announced a partnership with Alight Solutions and AllianceBernstein to create WealthSpark that will provide American workers with holistic, personalized insights into their finances through Personal Capital’s technology.

“We remain extremely excited about how Personal Capital is changing the wealth management landscape and the company’s role within our broader fintech growth strategy,” said Jeff Carney, President and CEO of IGM Financial. “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.”

With the additional capital, the firm aims to enhance its technology platform and increase the number of partnerships.

Established in 2009, Personal Capital combines online financial tools that provide unprecedented transparency into the finances of users with personal attention from registered financial advisors. Personal Capital is headquartered in Redwood City with hubs in San FranciscoDenverDallas, and Atlanta.

Founded in 1894, IGM Financial Inc. is one of Canada’s personal financial services companies, and managers and distributors of mutual funds and other managed asset products, with approximately $154 billion in total assets under management. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel.

 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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