US-based wealth management technology provider SigFig secured $33m in equity funding yesterday from investors including insurance company New York Life and financial services firms UBS and Santander.
The corporates were joined by fund manager Eaton Vance Management,venture capital firms DCM Ventures, Nyca Partners and Union Square Ventures, and Bain Capital Ventures, a subsidiary of private equity firm Bain Capital. Santander participated in the round through its Santander InnoVentures unit.
Comerica Bank provided SigFig with a $7m credit facility in conjunction with the round, which increased the company’s overall financing to more than $70m since it was founded in 2007.
Union Square Ventures, Bain Capital Ventures and DCM contributed to the company’s last round, a $15m series B round in 2013.
SigFig has built a robo-advisor that can be integrated into the existing wealth management offerings of banks and investment advisors. The funding will support the expansion of Sig Fig’s team and the enhancement of its technology.
Mike Sha, SigFig’s chief executive, 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.”