The fifth annual WealthTech100 list has named the technology companies transforming wealth and asset management during the uncertain market.
The new list highlights the companies leveraging technology to solve a significant industry problem or generate efficiency improvements across the investment value chain.
A panel of analysts and experts voted upon a list of over 1,200 businesses. FinTech Global, a specialist research platform focused on FinTech, compiled the research for the panel.
The aim of the list is to help investment firms, private banks and financial advisors with their digital transformation efforts.
War, cost-of-living crisis and customer demand for best-practice digital experience have increased innovation within wealth management. As firms spend more resources on their digitalisation strategies, it is essential they find the right tools.
FinTech Global director Richard Sachar said, “At a time when not even the giants like Silicon Valley Bank and Credit Suisse are safe, it is vital banks and investment firms have the best technology behind them.
“On top of this, customers are demanding better and more streamlined engagements, and are more than happy to switch to a provider that offers this. This WealthTech100 list will equip senior-level leaders in financial institutions with detailed information on some of the most innovative companies in WealthTech.”
Like many industries, the WealthTech sector hit tough times during 2022. Coming from the investment highs of 2021, where $24.9bn was invested globally, total funding for 2022 reached just half of this total at $12.2bn.
However, it was just the amount of capital being invested that took the hit. The volume of deals increased in 2022, with 837 WealthTech deals – 192 more than the previous year. This shows the sector is still booming, despite the tighter belts on budgets.
Many of the companies featured in the latest WealthTech100 list have hit headlines in the past year. One of these is Jacobi, a uniquely customisable platform for multi-asset portfolio design, analytics and client engagement. In September, the company raised $10m for its Series A funding round, which was earmarked to support its platform and team development.
GBST, which offers solutions to enable, support and scale wealth management organisations globally, featured in the news recently for the launch of an enhanced version of its wealth management administration platform. This move came alongside a rebrand to reflect its innovation mission.
Temenos has had a busy year. The banking software developer recently received validation from Science Based Target initiative (SBTi) for its emissions reduction targets. It also expanded a relationship with US-based banking-as-a-service provider Mbanq. As part of this deal, Temenos acquired a minority stake in Mbanq.
Other recent developments from WealthTech100 companies come from Ortec Finance and NICE Actimize.
Ortec Finance supports goal-based planning and monitoring of clients’ goals and guides the investment decision making process. The company recently teamed up with ESG Book, a sustainability data and tech firm. Their partnership aims to deliver next-generation ESG data and insights to investors.
NICE Actimize is a provider of financial crime, risk, and compliance solutions. Last year, the WealthTech company deployed its technology into UK-based multi-asset broker Olivetree Financial, to support its financial crime strategy.
Many of the companies featured in the new WealthTech100 have retained their position from previous years. Among these are Refinitiv, which helps deepen client engagement; CAIS, an open marketplace for alternative investments; Abbove (exPaxFamilia), a wealth planning technology platform; and PureFacts, which helps asset/wealth managers improve revenue, reduce risk and achieve profitable growth.
Here are several of the companies to feature in the new list. Additiv, which integrates wealth solutions within financial institutions; Croesus, a provider of portfolio management, portfolio rebalancing, risk and compliance management, and API integration, Embark, a digital retirement platform; ERI, the provider of the OLYMPIC Banking System®; Etops, an ecosystem for the financial industry; FinaSoft, a digital full-service platform for customer relations; Fincite, which empowers financial institutions to provide digital investments; Finfox, a wealth advisory software offering for hybrid advice; Flanks, a global wealth data orchestrating solution; and GrowthInvest, an alternative investment platform.
Other companies in the new list are, Harvest, which creates and designs digital solutions and software for wealth management and finance; IntellectAI, a cloud-native, API-led microservices-based multi-product FinTech platform; InterGen Data, a predictive health and wealth life event data and analysis provider; La Meer, which offers integrated client, risk and compliance management software; Lumenai Investments, an AI investment service; moneyinfo, a client portals, mobile apps, onboarding, KYC and aggregation developer; NewBanker, a WealthTech in China offering one-stop digital solutions; niio finance group, a SaaS provider for asset and wealth management; PSplus, which offers individual wealth management and reporting solutions; and Quantfolio, a compliant-by-design investment advisory platform.
A handful more are Tindeco, a no-code strategy designer for investment solutions; Velexa, an investing platform as-a-service; and WealthObjects, which supports digital, hybrid, or adviser-led wealth management models.
A full list of the WealthTech100 and detailed information about each company is available to download for free at www.WealthTech100.com.
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