SigFig, a San Francisco-based online financial advisor, has raised $40m from numerous investors including Eaton Vance and UBS.
Other investors in the funding round included Comerica Bank, New York Life, Banco Santander InnoVentures, along with venture capital firms Bain Capital Ventures, Nyca Partners, Union Square Ventures, and DCM Ventures.
The latest round of financing brings SigFig’s total funding to over $70m. The company said it intends to use the new funds to expand its team and technology platform.
SigFig CEO Mike Sha 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. We are very pleased to have the backing of these institutions and the continued support of several of the most respected venture capital firms in the world."
The online advisor recently collaborated with several banks and wealth management platforms, including UBS Wealth Management Americas and Pershing Advisor Solutions, to develop wealth management technology solutions for the firms’ advisors and clients.
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Most recently, the company formed a strategic alliance with UBS Wealth Management Americas to create and customise digital tools and services for the Swiss bank’s 7,000 advisors in the US.
The two companies also announced plans for creation of a joint Advisor Technology Research and Innovation Lab to continually collaborate on new wealth management technology tools.