SAN FRANCISCO--(BUSINESS WIRE)--SigFig, an independent San Francisco-based wealth management technology company, today announced the raising of $40 million in financing from a number of leading financial institutions, including Eaton Vance, Comerica Bank, New York Life, Santander InnoVentures, and UBS, as well as top-tier venture capital firms Bain Capital Ventures, DCM Ventures, Nyca Partners, and Union Square Ventures.
This financing solidifies SigFig’s position as an industry-leading provider of digital technology to financial institutions across the wealth management, banking, and insurance industries. SigFig will use the funding to accelerate the expansion of its team and technology platform as it scales its enterprise strategy of building investment technology for a wide range of financial institutions based on those firms’ distinct corporate strategies and individual client needs.
Mike Sha, CEO of SigFig, 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.”
Recently, SigFig announced a series of partnerships with banks and wealth management platforms, including UBS Wealth Management Americas and Pershing Advisor Solutions, to build wealth management technology solutions for those firms’ financial advisors and clients. In April, SigFig partnered with Cambridge Savings Bank to begin offering an integrated, automated investment services to Cambridge Savings Bank accountholders bundled directly into the bank’s existing product offerings – providing a holistic, one-stop-shop for customers.
In recent years, the demand for high quality wealth management technology solutions has increased as clients and advisors have sought improved digital experiences. Leveraging data and technology can help financial institutions and advisors efficiently provide individual, personalized service to customers. Recent regulatory developments surrounding fiduciary duty have further increased the importance of leveraging data and technology to tailor unbiased financial advice to the unique circumstances of each individual investor.
The $40 million in funding being announced today includes $33 million in equity financing led by Eaton Vance and including new institutional investors New York Life, Santander InnoVentures, and UBS, as well as existing venture capital investors Bain Capital Ventures, DCM Ventures, Nyca Partners, and Union Square Ventures. In addition, Comerica Bank is providing a new $7 million credit facility to extend and expand the previous facility. This financing brings SigFig’s total fundings to more than $70 million.
SigFig is dedicated to making high-quality investment advice more accessible and affordable to investors of all wealth levels. Using a combination of design, data science, and technology, SigFig helps empower investors with the information and guidance they need to achieve their personal financial goals. Through partnerships with some of the world’s largest and most innovative financial institutions, SigFig seeks to help investors and advisors better manage their investments. Its enterprise technology accelerates time to market for its partners, while doing so in a secure, scalable, and compliant way. Its product, design, and growth labs fuel innovation, accelerate adoption, and create delight for clients.
Founded in 2007, SigFig is backed by leading financial institutions including Eaton Vance, Comerica Bank, New York Life, Santander InnoVentures, and UBS, as well as top-tier venture capital firms, including Bain Capital Ventures, DCM Ventures, Nyca Partners, and Union Square Ventures. The company is headquartered in San Francisco, California. Learn more at www.sigfig.com.