Personal Capital has raised $50 million in new funding, the second big deal announced this week in the digital advice market. Wealthfront raised $64 million in a funding that valued the company at $700 million, just months after it raised $35 million.
The Redwood City company led by CEO Bill Harris said the Series D funding was led by private equity firm Corsair Capital, along with BBVA Ventures and USAA. Existing venture investors Institutional Venture Partners, Venrock and Crosslink also participated. This brings the total raised by the company to more that $100 million. The news comes a day after Palo Alto-based Wealthfront raised $64 million in a funding that valued it at $700 million, just months after it raised $35 million. Personal Capital said that it serves more than 600,000 American families who use its personal finance apps to track more than $100 billion of their money. Wealthfront claimed over the summer that it had just passed $1 billion in assets for the first time since it was founded in 2011.