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SigFig Buys U.K. WealthTech IPSigFig Buys U.K. WealthTech IP

Is SigFig going global?

Samuel Steinberger, Senior Technology Editor

August 30, 2018

1 Min Read
Mike Sha SigFig
SigFig CEO Mike Sha

While some banks are looking to build or acquire their wealthtech offerings, UBS is closing its U.K.-based digital wealth management platform and selling intellectual property to SigFig, according to Reuters. The U.S. wealthtech firm, which raised $50 million in funding earlier this summer and already has a close relationship with the Swiss bank, has hinted at international expansion.

UBS built the pilot program, SmartWealth, and launched the offering in early 2017. “While we were satisfied with the initial commercial progress, at this time we believe the near-term potential is limited and have therefore decided to close our digital-only offering in the U.K.,” noted Eva Lindholm, head of the bank’s U.K. wealth management division, and Reto Wangler, chief operating officer of global wealth management, in their reported assessment of the service. The same memo noted the bank’s equity stake in SigFig, describing an agreement to sell IP to the fintech company and nixing a plan to roll out a broader SmartWealth offering as late as December 2017.

The SmartWealth pilot program provided digital real-time investing advice for accounts with a £15,000 ($19,300) minimum. It’s an appeal to a different clientele than the bank has traditionally served in its wealth management division.

Financial terms were not disclosed, according to Reuters.

 

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About the Author

Samuel Steinberger

Senior Technology Editor, WealthManagement.com

Samuel Steinberger is Senior Technology Editor for Informa Connect’s WealthManagement.com. In his role, Mr. Steinberger provides the publication’s wealth and financial technology coverage. 

Mr. Steinberger’s editorial insight and familiarity with technology accelerates Informa’s growth within the financial advisor and wealth management communities, providing in-depth news for advisors and financial professionals. 

Before joining Informa Connect, Mr. Steinberger produced documentaries with former CNN anchor Soledad O’Brien at Soledad O’Brien Productions (formerly Starfish Media Group). He specialized in research, shooting and editing, as well as finding distinct voices to explain topics like mental health, poverty and racial divide. 

Prior to joining Soledad O’Brien Productions, Mr. Steinberger managed multi-departmental technology projects for global legal technology leader Transperfect Legal Solutions. After obtaining his graduate degree in journalism from Columbia University, he completed his transition from technology management to media. 

Mr. Steinberger is an award-winning journalist, author and researcher who has written, edited and reported for a number of publications, including The New York Times, Financial PlanningAmerican Banker and PBS. He is founder of beverages publication Give Me Weird Drinks

Mr. Steinberger’s technology analysis and insight has been featured in several books on virtual and augmented reality. Mr. Steinberger has received awards and recognition for his reporting and research, including the American Business Media's prestigious Jesse H. Neal Award for editorial excellence.

Follow on Twitter: @slsteinberger