Wealthtech robo-advisor SigFig raises $50m
San Francisco-based wealth management robo-advisor SigFig has raised $50 million in Series E funding.
The round was led by General Atlantic, a global growth equity firm, with participation from existing investors including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.
Mike Sha, CEO and co-founder of SigFig, says it is “now aggressively” expanding its services and reach to “improve how banks utilise technology with their clients and increase the number of everyday people using technology to manage their finances”.
There are no specifics about these growth plans.
SigFig offers a digital wealth management platform that powers automated investment services for financial institutions such as Wells Fargo, UBS, and Citizens Bank. According to SigFig, these partnerships represent more than 70 million customers.
The firm adds that it is targeting “previously underserved consumer segments, especially mass affluent consumers who otherwise might have been limited to do-it-yourself solutions such as online brokerages or commission-based mutual fund products”.