The pioneering Silicon Valley RIA, cofounded by Bill Harris and Rob Foregger in 2009 is apparently for sale for $500m. The robo advisor recently hit $1.5 billion in assets and had a $50m cash infusion led by BBVA in 2014. Is this the start of a trend we'll see more of in 2016?
The raise of $50 million from a round led by BBVA Ventures, the private equity subsidiary of Spanish multinational bank Banco Bilbao Vizcaya Argentaria S.A., put it into the big three with Wealthfront Inc. and Betterment for having more than $100 million in backing. So if it’s being shopped then it’s the first time one of these super robos has given up on the dream of an initial public offering. BBVA, which, according to CrunchBase, has $100 million total invested in it, has many an egg in the Personal Capital basket. Jay Reinemann, a former VISA executive, is the director assigned by BBVA to observe Personal Capital. See: Thoughts on 'robo-advisors’ served cold, compliments of Kitces and Waymire. In addition to being for sale, Personal Capital is also seeking new private equity investors.