Wealth management provider Personal Capital has secured $40m in a growth investment, which is an extension of last years $75m Series E.
The investment was led by IGM Financial, and also saw commitments from existing investors.
California-based Personal Capital is an online wealth management platform which offers users transparency into their finances with help from financial advisors. Through the platform customers are able to optimise risk and return, avoid hidden fees, receive investment advice, financial planning and tax optimisation.
Personal Capital now has $4.9bn AUM, having added $1.4bn since the start of the year, growing the average client size from $340,000 to $380,000.
The additional capital will allow the company to expand its product development and marketing. The company also plans to scale its advisory force in markets including, Dallas, Atlanta, New York, Los Angeles and Chicago, as well as boosting its offices in San Francisco and Denver.
Personal Capital is also increasing offerings for specific customer segments such as Private Client Service.
Personal Capital CEO Jay Shah said, “Our rapid growth reaffirms that we are solving a major pain point for consumers by giving them conflict-free advice and full transparency and insight into their financial lives. This additional funding enables us to capitalize even further on our rapid growth trajectory.”
Last year the company received around $75m for its Series E funding round, and including the latest capital injection, it brings total funding into Personal Capital to around $240m.
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