Personal Capital Raises $50 Million
Funds to accelerate dynamic growth
SAN FRANCISCO, Oct. 29, 2014 /PRNewswire/ -- Personal Capital, a leading digital wealth management firm, has completed a $50 million capital raise for its Series D financing. The funding was led by Corsair Capital, a highly regarded private equity firm focused on financial services, as well as BBVA Ventures and USAA. Personal Capital's existing venture investors – IVP, Venrock and Crosslink – also participated in the round.
"We're leading the transformation of financial services from physical to virtual delivery," said CEO Bill Harris. "This infusion will help accelerate our already-rapid growth – we've seen revenue increases of 10% or more each month for the past seven quarters."
Over 600,000 American families use Personal Capital's award-winning personal finance apps to track more than $100 billion of their money. Comprehensive financial data and one-click analytics empower these families to make better financial decisions.
Unlike other online investment services, which offer automated baskets of ETFs, Personal Capital provides an end-to-end system for managing your money, combining the personal finance apps with dedicated financial advisors who work with each client to tailor their financial plan. Its investment service is built for households with complex finances.
"One example of Personal Capital's growth is the recent launch of our Private Client service for families who invest over one million dollars," said Jay Shah, chief operations officer. "This segment now accounts for more than 25% of our business."
Jeremy Schein of Corsair Capital will join the company's board. "Personal Capital is at the intersection of consumer technology and financial services, a sector we believe is poised for continued growth," said Schein. "We are very pleased to be working with the management team of Personal Capital and to be investing alongside other experienced technology and financial services investors."
"We hope that our new investors will learn as much from us as we have to learn from them," said Harris.
About Personal Capital
Personal Capital is a next generation financial advisor. The company melds technology with professional advisors to help households with complex financial lives manage their wealth. Personal Capital's free apps are available for iPhone, iPad and Android.
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. BBVA Ventures operates through BBVA's representative office in San Francisco.
Contact: Kate Cichy, [email protected]
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SOURCE Personal Capital
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