Empower to buy wealth management company for up to $1B
June 30, 2020
Empower Retirement has agreed to acquire online wealth management company Personal Capital for up to $1 billion. The Redwood Shores, Calif.-based company has raised around $300 million from backers including BlackRock, IVP and Correlation Ventures. Personal Capital was valued at $950 million with a $50 million fundraise in February 2019, according to PitchBook data.