Ex-PayPal CEO Harris secures $25m funding for financial adviser site

Ex-PayPal CEO Harris secures $25m funding for financial adviser site

Personal Capital, a financial advisor site led by former PayPal and Intuit CEO Bill Harris, has come out of stealth mode after securing $25 million in funding.

The financing includes a series a round led by Institutional Venture Partners and a b round led by Venrock with IVP also investing.

The new firm says it will use technology to offer personalised investment management, banking and finance services when it launches later this year. It will be aimed at Americans who are well off but not wealthy enough for the big Wall Street players.

As well as Harris, the company's management includes EverBank co-founder Rob Foregger as chief strategy officer and former E-Loan CIO Jay Shah as chief information officer.

Says Harris: "We've seen the move from traditional banking to online banking, and the move from traditional brokerage to online brokerage. The world is ready to move from the traditional advisor to a next-generation financial advisor. We believe this has the potential to become a predominant financial services model over the coming decade."

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