Personal Capital lands $15m credit extension
Wealthtech player Personal Capital surpassed a growth milestone this week, reaching $7 billion in assets under management. The company also announced it received a $15 million credit extension from Silicon Valley Bank, adding to the $25 million credit the bank offered Personal Capital in 2016, reports Julie Muhn at Finovate.
Personal Capital says it balances its digital advisory services with freemium tools that help users track all of their investments in one place and measure their progress against their retirement goals.
The company also offers access to registered personal financial advisors who offer tailored investment advice for a fee. While this model seems to have scaled relatively well since Personal Capital’s launch in 2009, the company’s assets under management have not grown as quickly as its competitors Betterment, which currently has $13.5 billion under management, and Wealthfront, which has $10 billion under management.
This news comes as the company wraps up one year of operation under new CEO, Jay Shah, who took over operations from the company’s founder and original CEO, Bill Harris. Before his appointment, Shah served in the roles of Personal Capital’s chief information officer and chief operating officer.
Founded in 2009, Personal Capital recently began offering socially responsible tools that make it easy for investors to put money into causes that matter to them. Personal Capital has raised $240 million.