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Wealthtech Roundup

Weekly Wealthtech Report: Personal Capital Reaches $5 Billion AUM

Also this week: YCharts releases new data feed for corporate events and Sallie Krawcheck raises $32.5 million for Ellevest.

The hybrid robo advice service Personal Capital announced Wednesday that after a $2 billion surge over the last year, it crossed the $5 billion in assets under management milestone. Fueling that growth is a growing client base of high net worth investors. Personal Capital said the average initial investment on the tech platform increased 37 percent to $395,000, while its Private Client Service, which is reserved for investors with at least $1 million in investable assets, now accounts for 39 percent of Personal Capital’s AUM.

"The key to our success is that we’ve given our customers the best combination of technology and access to human advice from day one,” said Shah. “We’re not a robo advisor that is just now adding a few people to offer live advice, and we’re not a 100-year-old bank struggling to build and bolt new technology onto their advisory force. We’ve been a true hybrid from the start, focusing on giving people tools and guidance that empower them to achieve their goals.”

Earlier in August, Personal Capital brought in an additional $40 million in growth capital, and said it plans to open new offices in Dallas and Atlanta, extend its presence in New York, Los Angeles and Chicago, and expand current operations in San Francisco and Denver.

YCharts Launches "Corporate Events" Data Feed

YCharts, an online financial data and investment research platform, has a new proprietary data feed it calls YData. Tailored for investment professionals, the first YData feed is a database of forward-looking events from publicly traded companies, including product launches and release dates, press conferences, monthly retail sales results and business update calls.

To create the feed, YCharts built machine-learning systems to monitor tens of thousands of sources and pull pertinent event information. A dedicated team then reviews the data pulled by the algorithms and adds it to the YData feed if it meets the criteria.

YCharts plans to integrate the information into its primary financial research terminal.

Ellevest Snags $32.5 Million

According to a filing with the Securities and Exchange Commission, Sallie Krawcheck’s Ellevest, a digital investment service targeting women investors, has raised $32.5 million. CNBC reported another $2.2 million in stock remains to be sold, and the final size of the funding round may be larger.

The filing reveals that Jenny Abramson, the founder of venture capital firm Rethink Impact, is joining the Ellevest board, meaning the firm is likely a major part of the funding. Rethink describes itself as a female-led firm focused on “supporting companies that have women in management roles and use technology to generate positive impact at scale.”

The funding adds to the $19 million Krawcheck raised in two previous rounds, which included investments from Morningstar, tennis star Venus Williams, and Mohamed El-Erian of Allianz.

InvestCloud Adds Venture Capital Firm To Tech Incubator 

The latest firm to take up residence in InvestCloud’s fintech incubator in Los Angeles is Stage Venture Partners, a seed-stage venture capital fund focused on software startups. Stage will offer InvestCloud’s Innovation Center as a benefit to its portfolio companies and investors.


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