SigFig, one of the early enterprise robo-advice platforms, has raised an additional $50 million.
The San Francisco startup, which powers the automated advice platforms of UBS, Wells Fargo and Citizens Bank, had received $67 million in previous fundraising rounds.
CEO Mike Sha says SigFig will use the funds for growth initiatives and development of new technologies for its bank and wealth management customers.
“The number of firms wanting to work with us far exceeds our capacity,” Sha says. “Today our partners give us access to 25% of U.S. households. That 75% of households is still an opportunity for us.”
SigFig's newest investor is the private-equity firm General Atlantic, which led its latest round of fundraising. UBS has an equity stake in the startup. Other investors include Eaton Vance, Comerica, New York Life, Banco Santander SA's InnoVentures fund, Bain Capital Ventures, Nyca Partners and Union Square Ventures.
SigFig was among an early crop of digital advice firms that shifted their focus solely to partnerships with big financial companies as wealth managers and banks sought to add robo advice to their offerings.
“Our partners bring customer base and brand,” Sha said. “We spend nothing on customer acquisition. The money we raise goes directly into hiring talented product managers, engineers and designers.”
