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After an initial $50 million investment in Personal Capital, IGM Financial has invested an additional $25 million in the company; the $25 million was contingent on an assets under management goal which they have now surpassed; the company has added $1.5 billion under management in the last year bringing their total to $3.4 billion; this amounts to 80% growth; valuation of the company is approximately $500 million. Source
Robo 1.0 success Personal Capital was acquired for nearly $1 billion by Empower, a major retirement savings manager. Softbank-backed insurtech darling Lemonade IPOed at less than $2 billion, in a successful fundraise and listing, and has since seen its market cap rise to over $4 billion. The IPO is a landmark for an insurtech industry in desperate need of successes. And PayPal announces the impending launch of crypto trading to its 325 million users. The move isn’t overly interesting in its own right, but the implications for the crypto space are worth exploring.
Personal Capital, a hybrid wealth management platform, raised another $40 million and it now brings their total funding to $200 million; this Series E round was led by IGM Financial, part of the Power Financial Corporation group of companies, with participation from other existing investors; they plan to use the new capital to expand product offerings, increase their marketing spend and build up their advisory service; they also plan to move into San Francisco and Denver, building on the markets they currently are in which include Dallas, Atlanta, New York, Greater Los Angeles and Chicago. Source
Hybrid digital wealth management firm Personal Capital now has $5 billion of assets under management (AUM) after accelerating growth with $2 billion in AUM added in 2017; Jay Shah, CEO of Personal Capital, tells Robo Advice News, "For investors with complex financial lives or for those who are just too busy to manage their own investments, we take the time and worry out of building an investment strategy."; new investors now invest $395,000 as compared to $289,000 since the start of the year, a 37% increase; the company has also launched a number of new features and closed a $40 million Series E round. Source
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