Arta is a new financial management platform that aims to become the family office for everyone, not just the rich. The company has launched out of stealth mode, with $90m in equity.
The funds were supplied by Sequoia Capital India, Ribbit, Coatue and over 140 angel investors. These include tech and finance leaders Eric Schmidt, Betsy Cohen, Michael Miebach, and Jeff Dean.
Arta states that the ultra-wealthy employ teams of professionals that leverage sophisticated financial strategies and can invest into opportunities locked off to ordinary people. These teams are called family offices and Arta is on a mission to become the family office for everyone else.
The platform was created to become a financial home for people. It allows customers to aggregate assets, build portfolios and get expert advice for financial planning. It leverages AI to enable intelligent investing in public markets and has opened access to alternative assets, such as private equity, venture capital and real estate funds.
Its platform also offers an AI-managed portfolio that allows users to create personalised, automated portfolios that back stocks, bonds, options and leverage. Other features include accessing credit against assets, networking opportunities with other investors, and performance-based fees.
Prior to its launch, Arta established the Arta Foundation with 2% of our founding equity. It also acquired investment tracking service MoneyMinx.com.
In a blog post announcing its launch, Arta said, “We’re excited to unveil Arta Finance to the world today. While this is just the start, we see tremendous opportunity in using AI and ML to help people build the financial future they want. By building a new kind of financial institution that harnesses deep technology to put its members first, we will make the power of finance available to everyone.”
In other WealthTech news, Pyypl, which aims to support the financially underserved in the Middle East and Africa (MEA), has raised $20m for its Series B.
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