US-based digital wealth management software developer SigFig has received $50m yesterday in a series E round that included insurance firm New York Life and financial services firm UBS.
Growth equity firm General Atlantic led the round, which also featured Bain Capital Ventures, a subsidiary of private equity firm Bain Capital, investment manager Eaton Vance and venture capital firms DCM Ventures, Nyca Partners and Union Square Ventures.
SigFig has created a robo-advisor that provides financial management advice to users across a range of income levels. The platform can be accessed by customers through partnerships with financial services providers including UBS as well as Wells Fargo and Citizens Financial.
The funding will go to enhancing SigFig’s technology, and Paul Stamas, managing director of General Atlantic, will join the company’s board of directors.
Mike Sha, SigFig’s co-founder and chief executive, said: “For over a decade, SigFig has provided access to premium, tech-enabled financial services for customers, banks and wealth advisors.
“We are now aggressively expanding our 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.”
SigFig has now raised a total of $120m in funding, $40m of which came in a mid-2016 round featuring New York Life, UBS, financial services firm Santander’s Santander InnoVentures unit, Eaton Vance, DCM, Nyca Partners, Bain Capital Ventures and Union Square Ventures.