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Corsair Capital leads USD50m series D funding in Personal Capital

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Personal Capital, a digital wealth management firm, has raised USD50 million in a Series D funding round led by Corsair Capital, as well as BBVA Ventures and USAA.

Existing investors IVP, Venrock and Crosslink also participated. Jeremy Schein of Corsair will join Personal Capital’s board.
 
“We’re leading the transformation of financial services from physical to virtual delivery,” says CEO Bill Harris. “This infusion will help accelerate our already-rapid growth – we’ve seen revenue increases of 10 per cent or more each month for the past seven quarters.”
 
Over 600,000 American families use Personal Capital’s personal finance apps to track more than USD100 billion of their money.
 
Unlike other online investment services, which offer automated baskets of ETFs, Personal Capital provides an end-to-end system for managing your money, combining the personal finance apps with dedicated financial advisors who work with each client to tailor their financial plan. Its investment service is built for households with complex finances.
 
“One example of Personal Capital’s growth is the recent launch of our private client service for families who invest over one million dollars,” says Jay Shah, chief operations officer. “This segment now accounts for more than 25 per cent of our business.”
 
“Personal Capital is at the intersection of consumer technology and financial services, a sector we believe is poised for continued growth,” says Schein. “We are very pleased to be working with the management team of Personal Capital and to be investing alongside other experienced technology and financial services investors.”

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