Santander Group’s fintech venture capital fund has made an investment in a wealth management technology provider.
Santander InnoVentures invested an undisclosed sum in SigFig, whose service provides advice through a mix of technology, data science and design. Santander is joined in this round by Comerica, Easton Vance, New York Life, UBS, Bain Capital Ventures, DCM, Nyca Partners, and Union Square Capital Ventures.
The funds are earmarked for staffing increases and platform scaling.
Financial management services are a recent arrival to the fintech boom, and for good reason, Santander InnoVentures managing partner Mariano Belinky believes.
“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.”
If this goes well more will come, Mr. Belinky suggested.
“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.”