SigFig Raises $50M
SigFig, a financial technology company for banks, advisors, and consumers, announced today that it has raised $50 million in Series E funding. The round was led by General Atlantic, a leading global growth equity firm, with participation from existing investors including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.
Founded in 2007, SigFig makes high-quality investment advice more accessible and affordable for investors of all wealth levels. The company’s platform uses data science, technology, and simple design to help empower investors with the information and guidance they need to achieve their financial goals. SigFig provides this offering directly to consumers through SigFig.com and also offers an end-to-end Enterprise Digital Wealth Management platform that powers automated investment services for leading financial institutions such as Wells Fargo, UBS, and Citizens Bank. These partnerships represent more than 70 million customers.
The platform allows SigFig’s partners to bring wealth management services to previously underserved consumer segments, especially mass affluent consumers who otherwise might have been limited to do-it-yourself solutions such as online brokerages or commission-based mutual fund products.
“For over a decade, SigFig has provided access to premium, tech-enabled financial services for customers, banks, and wealth advisors,” said Mike Sha, CEO and Co-Founder of SigFig. “We are now aggressively expanding our services and reach to improve how banks utilize technology with their clients and increase the number of everyday people using technology to manage their finances.”
This latest round of funding will accelerate SigFig’s investments in technology as it broadens its solutions to help consumers, advisors, and financial institutions modernize the advice experience.
“The market for digitally-native investment advisors continues to grow due to increasing customer demand for accessible and affordable financial advice,” said Paul Stamas, Managing Director at General Atlantic, who will join the company’s board of directors. “With its B2B2C model, SigFig leverages its industry-leading technology alongside its partners’ existing physical infrastructure and human capital to create a best-in-class advice solution. We look forward to partnering with Mike and his talented team to support the company’s next phase of growth.”
“General Atlantic’s deep expertise in the financial services sector and their long-term orientation makes them the ideal partner for SigFig to accelerate our growth,” added Sha.
