FinTech platform The Tifin Group raised $22.3m in Series B funding from JP Morgan, Morningstar and Broadridge with the aim to become a one-stop-shop for wealth and asset management.
The new capital will be used to fuel growth, acquisitions and further technological innovation in the asset management space.
The firm, which boasts of having Ark Invest founder Cathie Wood as an investor in the company, holds nine FinTech subsidiaries that assist asset managers and financial advisors who struggle with outdated distribution models. It develops FinTech products that bridge the gap between retail investors, financial advisors and asset managers by integrating investment management and technology.
The company offers a wide suite of functions including Magnifi and Positivly, which provide tailored investment recommendations and analysis, Clout, an AI-powered content marketing platform that helps advisors drive sales and Paralel which helps asset managers improve their back-office process.
Tifin previously raised a $22m Series A late last year to build its operating business and integrated platform. To date, it has raised a total of $80m.
Commenting on the firm’s growth, JP Morgan Asset Management CEO George Gatch said, “TIFIN’s advanced tech and data-driven tools have tremendous potential to shape the future of the asset management and wealth management industries.”
The new funding comes hot off the heels of its two acquisitions including risk profiling firm Totum Risk and a personal financial planning offering, myFinancialAnswers. Recently, it also sold tax-analysis and portfolio management software vendor 55 Institutional Partners to JPMorgan.
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