Personal Capital Secures $25 Million Series C Investment for Online Wealth Management Platform
In a significant development within the fintech sector, Personal Capital, an innovative online wealth management platform, has successfully closed a $25 million Series C funding round. This substantial investment is led by Crosslink Capital and includes participation from industry giants BlackRock and continued support from venture capital firms Institutional Venture Partners (IVP) and Venrock.
Founded in 2013 with an initial funding base of $47.3 million, Personal Capital has leveraged technology to disrupt the traditional wealth management landscape, bringing modern efficiency and accessibility to personal financial planning.
Key Points from the Funding Round:
- Total Raised: The Series C brings their total funding to approximately $52.3 million.
- Lead Investor: Crosslink Capital spearheads this investment round.
- Participants: Asset management giant BlackRock and previous investors Institutional Venture Partners (IVP) and Venrock are key participants.
Company Growth & Business Model
Personal Capital offers a unique approach to wealth management, combining powerful online tools with human advisory services. Their platform serves over 200,000 users and currently manages nearly $20 billion in assets through their advisory arm alone.
- Online Platform: Provides free asset tracking and portfolio analysis tools accessible via the web.
- Advisory Services: Offers fee-based financial advice tailored to individual needs through a team of full-time advisors, accessible via phone or email.
CEO Perspective: Bill Harris
Bill Harris, the seasoned technology entrepreneur leading Personal Capital, brings extensive experience from his previous roles as PayPal’s Chief Product Officer and Intuit’s Senior Vice President. In an interview, he highlighted that this funding round underscores robust growth for the company.
Harris emphasized the enormous potential of their market:
“This is the largest market I’ve encountered in my career – a \(32 trillion opportunity just waiting to be seized." The online wealth management space isn't dominated by any single player, unlike traditional giants like Fidelity or Schwab who control less than 10% of this massive \)32T market.
Strategic Growth Plans
The company plans to strategically use these funds for the following purposes:
- Team Expansion: Hiring more staff – currently employing around 70 professionals.
- New Office Development: Opening a satellite office in Denver to expand their reach across different regions.
Harris expressed confidence in Personal Capital’s sustainable business model, stating that they’ve proven effective methods for acquiring users and converting them into engaged clients. “We have built the personal advisory piece and technology foundation, and we have demonstrated the economics of bringing customers online effectively.” He stressed a focus on scaling their customer-centric approach.
About Personal Capital
Personal Capital distinguishes itself by combining sophisticated technology with personalized financial advice. Their platform tracks assets across all your accounts – traditional and non-traditional – offering users comprehensive insights into their overall wealth picture, while their fee-only advisors provide tailored guidance through various financial life stages.
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