The money is still flowing into FinTech startups.
Two veteran players, Personal Capital and Cardlytics, scored big today with funding rounds of $50 million and $70 million, respectively.
Personal Capital is a wealth management startup whose product is a kind of souped-up PFM solution. Founded in 2009 and based in Redwood City, Calif., Personal Capital is a largely self-service product that is fishing for customers in the same waters as Betterment and Wealthfront — which raised $64 million earlier this week.
The wealth management space is not just being shaken up, it is being rocked by a quake that is off the Richter scale. Younger investors are looking for self-service tools — so-called robo-advising — and the established players, such as Fidelity, which announced a partnership with Betterment earlier this month, are finally taking notice.
Personal Capital has $104 million in total funding. Its Series D round was led by Crosslink Capital, Venrock, USAA, BBVA Ventures, and Corsair Capital.
Cardlytics was founded in 2008 and is based in Atlanta. The leader in card-linked marketing by virtue of its partnerships with Bank of America, PNC, and other large banks, Cardlytics is reportedly headed for an initial public offering and a wider pool of customers outside the financial services space. It is best known for BankAmeriDeals, its white-label program with Bank of America. Cardlytics offers show up in a user’s online bank account or mobile app, and promote discounts and deals based on recent transactions. When deals are accepted, they are attached to users’ cards and can be redeemed the next time the card is used at the merchant.
The Series F round led by Discovery Capital brings its total funding to $173 million.Like This Post