Farther, a progressive wealth management company, recently celebrated the closure of its Series B funding round on $31m.
With this significant milestone, the firm’s valuation soared to an impressive $131m.
This recent funding round generated $31m for Farther, thanks to participation from renowned investors such as Lightspeed Venture Partners who collaborated with existing backers to achieve this feat.
At its core, Farther is not just a typical wealth management company. Founded by Taylor Matthews and Brad Genser, the firm fuses expert advisory services with state-of-the-art technology. This unique blend empowers financial advisors, allowing them to dedicate their time and resources towards delivering a premium experience to their clients.
The firm’s vision to utilise modern technology in wealth management has been met with positivity. The capital will be used to further enhance their service offering and continue their impressive growth trajectory.
Over the course of its existence, Farther has showcased substantial growth. Since its establishment four years ago, the WealthTech firm reported a substantial 5x increase in its Assets Under Management (AUM) year-over-year. As of April 2023, they managed almost $700m in assets, and with their rapid expansion, surpassing the $1bn mark seems imminent.
Farther’s primary service revolves around a unified platform where clients can access all their accounts and products with a single login. For advisors, this platform offers the tools required to boost and expedite their book’s growth, eliminating cumbersome administrative duties and letting them concentrate on solving intricate client problems.
Farther’s proactive approach towards modernising wealth management hasn’t gone unnoticed. Justin Overdorff, a partner at Lightspeed Venture Partners, highlighted the firm’s contribution. “The registered investment advisor sector has long grappled with inefficient processes, outdated technology, and constraining advisor compensation structures,” he noted. “Farther is actively disrupting the conventional norms of wealth management, crafting a dynamic platform that empowers advisors and paves the way for scalable expansion.”
Before this recent injection of funds, Farther had successfully raised a total of $53m since its inception. This prior capital comes as a testament to the firm’s consistent vision and commitment to innovation.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global