Personal finance tech is blowing up this week, as wealth management and investment services startups Personal Capital and Wealthfront both recorded large Series D rounds to total $114 million in venture funding since Monday.
Venture investments recorded this week alone add up to over a third of last quarter’s total, the highest quarterly amount captured by personal finance startups to date.
Ribbit Capital, a financial services-focused investment firm and recent Wealthfront backer, seems to have the market figured out.
Venture dollars raised by Ribbit-backed companies accounted for nearly two thirds of the quarterly total in Q2 of this year, and just over half of last quarter’s investment total.
Since its first investment in late 2012 for payments tech company Fuze Network, Ribbit has gone on to back an additional 12 companies – three of which have raised $50M+ rounds in the past year.
Ribbit’s domination in the space has not gone unnoticed – other financial tech investors are following suit. Ribbit has frequently invested alongside veteran VCs Index, Union Square Ventures, and Greylock to back some of the top-funded startups in personal finance.
With Credit Karma on the unicorn list and Wealthfront approaching the cut-off, Ribbit stands to rake in some major cash.
Photo via Flickr user Emre Ayaroglu.
