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Personal Capital secures another $40M in growth capital

Digital wealth adviser Personal Capital has secured an additional $40 million of growth capital from its investors in an extension of the firm's series E round.

IGM Financial Inc. made a $75 million investment in Personal Capital in 2016. The funding extension was also led by IGM Financial with participation from other existing investors.

Terms of the financing were not disclosed.

Personal Capital, which now has $4.9 billion in assets under management, will invest in expanding product development and marketing, and boosting its advisory force in multiple markets including Dallas, Atlanta, New York, greater Los Angeles and Chicago, while also expanding offices in San Francisco and Denver.