Santander InnoVentures, the fintech venture capital fund of Santander Group, announced its latest portfolio investment in SigFig – a US-based provider of wealth management technology, designed to provide high-quality investment advice to all wealth levels via a combination of design, data science, and technology.
Santander InnoVentures is participating in this financing round alongside a number of leading, major financial institutions including Comerica, Eaton Vance, New York Life, as well as UBS and top-tier venture capital firms Bain Capital Ventures, DCM, Nyca Partners, and Union Square Capital Ventures. SigFig will use this most recent injection of capital for a major expansion of its team and platform as it scales its enterprise strategy of building investment technology for a wide range of financial institutions.
Mariano Belinky, Managing Partner at Santander InnoVentures, said: “The ongoing need for affordable, accessible financial advice continues to be an area of focus for the investment industry. SigFig is at the forefront of tackling this need, providing enterprise-level wealth management technology that is secure, scalable and compliant – tailored to firms’ unique corporate strategies and individual client needs.”
Belinky continued, “We share a common vision with Mike Sha and the SigFig team, one that extends beyond traditional wealth management, to embracing the challenge of bringing an understanding of financial well-being to every individual. We hope to be able to now collaborate with the aim of ultimately bringing their platform to serve Santander’s 122 million customers.”
In line with all Santander InnoVentures investments, the partnership with SigFig goes beyond traditional VC involvement – providing capital as well as access to the scale and expertise of Santander as a global financial institution, operating in 10 core markets in Europe and the Americas.
This latest investment is Santander InnoVentures’ first in the investment advisory space – a key vertical segment for the fund. For more information on previous Santander InnoVentures investments, and the strategic investment philosophy behind the fund, please visit http://santanderinnoventures.com/
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