LearnVest.com, a US-based personal financial platform, has raised $16.5m from existing investor, venture capital firm Accel Partners, together with several new investors: American Express Ventures, the venture capital division of US-based credit card company; private equity firm Claritas Capital; Ed Mathias, founding member of asset management firm The Carlyle Group; and Todd Ruppert, former chief executive officer (CEO) & president of investment management firm T. Rowe Price Global Investment Services.
Previously, LearnVest raised $4.5m series A equity funding in April 2010, led by Accel Partners. Lead investors from the company’s seed financing in September 2009 also invested in the A round, including Richmond Global, Rose Tech Ventures, and principals of Circle Financial Group.
Harshul Sanghi, managing partner, American Express Ventures, said: “We believe strongly in the mission of LearnVest Planning to provide accessible financial advice. As we seek to expand our portfolio of products across American Express, we believe LearnVest Planning can be an important partner in helping us to bring customers more convenient, affordable and transparent ways to manage their money.”
Alexa von Tobel, founder and chief executive officer, said: ““We are passionate about making financial planning—dare I say it—an exciting consumer product.”
LearnVest is reported to be expected to enter a partnership with American Express later in 2013.
The latest funding will be directed toward scaling LearnVest Planning’s technology. LearnVest has appointed four advisors with experience of scaling: Ed Mathias of Carlyle, Todd Ruppert of T. Rowe Price, Susan Lyne, AOL’s Brand Group CEO and vice vhairman of Gilt Groupe, and Ann Sardini, former chief financial officer of Weight Watchers.
LearnVest was founded in 2009 by Alexa von Tobel, who left Harvard Business School to launch the business, having conceptualised it in 2006.