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June 19, 2018

Robo-adviser SigFig secures $50m investment

SigFig, a US-based online investment advisory firm, has raised $50m in a Series E funding round led by growth equity firm General Atlantic.

The latest funding round also involved the participation of existing backers including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.

The company aims to use the new capital to accelerate its investments in technology.

SigFig CEO and co-founder Mike Sha said: “For over a decade, SigFig has provided access to premium, tech-enabled financial services for customers, banks, and wealth advisers.

“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.”

The robo-adviser has partnered with UBS, Citizens Bank, and Wells Fargo to support the banks’ launch of digital advisory platforms.

In 2016, the robo-adviser raised $40m from various investors including Eaton Vance and UBS.

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