UBS comes back for seconds in $50 million SigFig raise

UBS comes back for seconds in $50 million SigFig raise

UBS has joined a group of cash-rich VCs in a $50 million funding round for robo-advisory outfit SigFig.

The round was led by General Atlantic, with participation from existing investors including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.

Santander InnoVentures, which participated alongside UBS in a $40 million raise for SigFig last year is not among the current crop of investors.

SigFig's banking customers include UBS, Wells Fargo and Citizen's Bank, providing a cumulative reach to more than 70 million customers.

With a square focus on the underserved mass-affluent segment, SigFig's Web and mobile apps pull in users' data from things like 401k's and brokerage accounts into a single dashboard. The system then analyses the data and, once a week, diagnoses portfolios and provides advice on how users can boost performance.

Mike Sha, CEO and co-founder of SigFig, comments: "We are now aggressively expanding our services and reach to improve how banks utilise technology with their clients and increase the number of everyday people using technology to manage their finances."

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