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SigFig locks in big banking partners for its tech-enhanced advisory services with $40 million round

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William Cutright
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SigFig, the developer of tech-enabled financial advisory services products, has raised $40 million from the venture investment arms of a slew of big banks.

The new round is a testament to the company s belief that partnering with large financial institutions is the best way to get better financial advisory tools into the hands of the investors who need them, according to chief executive Michael Sha.

Apparently some big banks agreed with Sha s assessment… to the tune of a $33 million equity and $7 million debt round of funding.

Meanwhile, Comerica Bank gave SigFig a $7 million debt facility.

SigFig differentiates itself from asset management competitors like WealthFront and Betterment by billing itself as more of a full service shop for the financial services firms that still manage the bulk of America s wealth.

The idea is not that we re building technology that is algorithmic money management, Sha says.

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William Cutright
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