Personal Capital, a San Francisco, CA-based digital and professional advisor based wealth management startup, received a $25m investment from IGM Financial to complete its Series E round.
The investment valued the company at approximately $500m — more than doubling the valuation of the Series D funding round.
With this round, along with $25m in debt financing from Silicon Valley Bank, Personal Capital has accelerated company growth, increased its marketing efforts and hired new staff across the San Carlos, San Francisco and Denver offices.
Led by Bill Harris, CEO, and Mike Armsby, CFO, the company combines online financial tools that provide transparency into people’s finances with services from licensed financial advisors.
Its dashboard and financial tools are available for free to any user. Users can also become clients of its full suite of financial advisory services, which include creating a personalized investment portfolio with tax loss harvesting, diversified asset allocation and disciplined rebalancing.
Clients have access to a licensed financial advisory team available to answer questions and advise on saving for retirement or a child’s college, estate planning, home purchases, 401k allocation and more.
The platform has over 1.3 million registered free tool users.