Facet Wealth, which provides technology-enabled financial planning services, has raised $33m in Series A funding.
The round was led by Warburg Pincus, a global private equity firm focused on growth investing, and joined by Slow Ventures, a venture capital firm specialising in early- and seed-stage technology investments.
Facet said the new capital will fuel its vision to provide all American households with the affordable access to comprehensive financial planning and advice that they deserve.
“Our mission is to unlock access to high-quality financial advice for the mass affluent individuals and families that are often underserved or overlooked by the traditional wealth management industry,” said Anders Jones, CEO and Co-Founder of Facet Wealth.
“We are focused on delivering high-value service at an affordable price by combining high-touch financial planning with the accessibility and efficiency of on-demand service.”
While the traditional wealth management industry is well-suited to work with wealthy clients, the mass affluent population has historically lacked access to quality, full service financial planning services.
Based in Baltimore, Maryland, Facet Wealth is a SEC Registered Investment Advisor (RIA) that offers human-first, technology-enabled financial planning services through a dedicated team led by a CFP Professional.
The company partners with industry incumbents to help identify and transition clients who do not fit their ideal profile, which frees them up to focus on growth, increase practice valuation, and undergo generational transitions. It also enables more clients to receive quality financial life guidance from a fiduciary.
Warburg Pincus recently agreed to buy Leumi Card from Bank Leumi and Azrieli Group in a deal valued at NIS 2.5bn ($684m). The company is a wholly-owned subsidiary of Bank Leumi and provides credit card services in Israel. Since its launch in 2000, the business has issued 2 million credit cards worldwide and supports more than 40,000 businesses with its clearing services.
Fiserv, which develops a suite of technologies for the financial services, also recently received a $395m investment from Warburg Pincus. The transaction will see the private equity firm acquire a 55 per cent stake in the company’s Lending Solutions business, with Fiserv retaining a 45 per cent share.
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