San Francisco-based wealth management technology company SigFig announced on Tuesday (May 24) that it raised a $40 million funding round from a slew of VCs and financial institutions.
The firm said its new capital will be used to accelerate the expansion of its team and robo-advisor technology platform. SigFig is working to scale its investment technology for various financial institutions to meet distinct corporate strategies and individual client needs.
In a press release, Mike Sha, CEO of SigFig, said:
“Today’s announcement signals a major vote of confidence by some of the world’s most respected financial institutions in the quality of SigFig’s enterprise wealth management technology solutions. Our business-to-business strategy of partnering with some of the largest financial services companies in the world will help us rapidly scale and achieve our mission of giving all investors, large and small, access to high-quality unbiased financial advice. We are very pleased to have the backing of these institutions and the continued support of several of the most respected venture capital firms in the world.”
The $40 million was raised from a number of financial institutions, including Eaton Vance, Comerica Bank, New York Life, Santander InnoVentures and UBS, as well as venture capital firms Bain Capital Ventures, DCM Ventures, Nyca Partners and Union Square Ventures.
As the demand for high-quality wealth management technology solutions is on the rise, SigFig recently partnered with banks and wealth management platforms to help those firms efficiently provide individual, personalized service to customers by leveraging data and technology.