FLX Networks, which is modernising the engagement between asset and wealth management firms, has collected $10m in funding.
This investment values the company at $50m.
Global investment manager Barings served as the lead investor. Other commitments came from Allianz Life Ventures and Broadridge Financial Solutions.
With the funds, the company hopes to bolster its technology and hire more staff.
The FinTech company has achieved several milestones recently. It achieved over $1bn in investment product saves, saved member asset managers more than $10m in discretionary costs and surpassed 1,000 in overall industry membership.
FLX Networks launched in 2019, and claims to transform engagement for asset and wealth management firms and financial advisors. Its community members have access to thought leadership, investment ideas, business resources and industry connectivity in a centralised destination.
Its platform enables users to leverage synthetic scale and strategic partners rather than allocating resources to costly, time-consuming services.
Allianz Life Ventures managing director Chad Virgin said, “The ways that financial professionals want to engage with asset managers has changed drastically over the past few years, with more and more people looking for easy to use, digital capabilities.
“FLX can help make this entire process more efficient, and provide opportunities for asset managers and insurance carriers to tap into new insights and data they might not have had previously.”
In other WealthTech news, Retirable, a holistic retirement solution with the ongoing care of an advisor, raised an additional $6m for its seed funding round.
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