Personal Capital Adds $1.5 Billion in AUM and Closes $100 Million in Financing in 2016

SAN FRANCISCO, Dec. 15, 2016 /PRNewswire/ -- Personal Capital, the leading digital and professional advisor based wealth management firm, today announced that IGM Financial Inc. has completed the firm's Series E round. Additionally, Silicon Valley Bank has extended $25 million in credit to the firm.

IGM Financial Inc., a member of the Power Financial Corporation group of companies, invested an initial $50 million in Personal Capital in May 2016. An additional $25 million investment in Personal Capital's Series E round was contingent upon the firm hitting a growth milestone by the end of Q2 2017. The firm surpassed that milestone by adding $1.5 billion under management in the last year to over $3.4 billion in assets, marking over 80% growth in less than 12 months.

Personal Capital's valuation for this transaction was approximately $500 million -- more than double the valuation of the Series D funding round. With the Series E round, Personal Capital has accelerated company growth, increased its marketing efforts and hired new staff across the San Carlos, San Francisco and Denver offices.

"IGM Financial has been a great investor," said Bill Harris, CEO of Personal Capital. "Over the past six months, we've been able to grow marketing, staffing, and offerings to our users and clients. With the final $25 million in investment secured, we look forward to seeing even more growth as we help more families manage their financial lives."

"Personal Capital continues to experience rapid growth in the affluent investor segments of the market by offering a unique, compelling proposition for its clients," said Jeff Carney, President and Chief Executive Officer of IGM Financial Inc. "We are delighted that the company has outpaced its performance target, giving us further opportunity to participate in the emerging digital wealth management industry in the United States."

"Silicon Valley Bank is recognized for their enthusiasm and support for fast-growing companies," said Mike Armsby, CFO of Personal Capital. "2016 was a tremendous year of growth for us, and with this $25 million in additional capacity from SVB we can spur rapid growth in the New Year."

Personal Capital's dashboard and financial tools are available for free to any user. Users can also elect to become clients of Personal Capital's 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.

Evercore served as the exclusive financial advisor to Personal Capital in this equity financing.

For more information, visit: www.personalcapital.com.

About Personal Capital

Personal Capital is the smart way to track and manage your financial life. Personal Capital combines award-winning online financial tools that provide unprecedented transparency into your finances with personal attention from licensed financial advisors. The result is a complete transformation in the way you understand, manage and grow your net worth. There are over 1.3 million registered users of Personal Capital's free tools.

About IGM Financial Inc.

IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with approximately $140 billion in total assets under management. Its activities are carried out principally through Investors Group through a network of Consultants located across Canada, Mackenzie Financial Corporation through a diversified network of third-party financial advisors and Investment Planning Counsel through a network of financial planners who are dedicated to serving the needs of their clients.

About Power Financial Corporation

Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. The Corporation also has substantial holdings in a diversified group of companies based in Europe.

About Silicon Valley Bank

For more than 30 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com.

Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System. 

Disclaimer: Personal Capital Advisors is an SEC registered investment advisor. Any reference to the advisory services refers to Personal Capital Advisors. SEC registration does not imply a certain level of skill or training.

Marianne Ahlmann | Personal Capital | [email protected]

SOURCE Personal Capital

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