BlackRock has invested in US-headquartered digital wealth management firm, Personal Capital, that has closed its US$25 million Series C financing.
Personal Capital has doubled users, clients and assets since the first of the year, and this fresh capital will be used to supercharge its growth, said CEO Bill Harris, the former CEO of both Intuit and PayPal.
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Jim Feuille of Crosslink Capital led this financing and has joined the company’s Board of Directors. Crosslink and BlackRock are new investors in the company, joining existing investors Institutional Venture Partners (IVP) and Venrock.
"Personal Capital combines a financial dashboard that gathers data from all your accounts with a professional financial advisor to help manage your investments. The merging of high tech and high touch creates the kind of comprehensive wealth management formerly reserved for multi-millionaires," said Harris.
The new category of ‘digital wealth management’ combines two ingredients:
– Consumer Technology: People of all ages rely on mobile and web devices to manage their lives, and demand the same electronic access to their money – all of their money and investments in all of their accounts.
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By GlobalData– Comprehensive Advice: Americans with complex finances – anyone grappling with home ownership, education and retirement issues – need data and financial advice that addresses their entire household.
Feuille said, "We look for large markets undergoing disruptive transitions, and make long-term bets. Personal Capital is the tip of the spear that will drag the investment management industry into the 21st century."
Personal Capital now tracks over US$20 billion of assets every day for its users.
