Empower Retirement has bought digital wealth management fintech Personal Capital for $825mn upon closing, with another $175mn in planned growth incentives; the company was last valued at $660mn in February 2019; the deal continues a wider M&A trend in the fintech industry in recent years with Plaid, Galileo and Credit Karma all being acquired for billions; Personal Capital is a consumer service that helps folks plan for retirement, and invest their capital; the company offers free financial tools, and a premium service for accounts of at least $100,000; they have never viewed themselves as a robo advisor, instead they have considered themselves a hybrid digital wealth manager; assets under management were more than $12bn and the company acquired 2.5 million users. TechCrunch.
