Marstone, known for its pioneering role in digital investment and wealth planning, has successfully raised $8m in a Series B financing round.
The funding was led by Mendon Venture Partners and South Rose Capital, with additional investments from new stakeholders including the Castle Creek Launchpad Fund. The round also saw continued support from existing investor Equity Bank.
Marstone stands out as a robust integrated solution in the WealthTech industry, enabling financial institutions to offer personalised digital wealth strategies and enhance customer investing experiences.
The company’s platform empowers these institutions to retain and generate deposits, increase non-interest income, and improve client servicing and satisfaction by establishing a wealth practice at a fraction of the cost of a traditional full-time hire.
Marstone’s platform has garnered adoption from prominent institutions such as Woodforest National Bank, Equity Bank, and Red River Credit Union. The WealthTech leader offers a plethora of services, including a modern user interface, paperless account opening, flexible goal planning, performance reporting, data aggregation, portfolio trading and rebalancing, asset allocation, risk assessment, and more. This comprehensive suite of services addresses the pivotal shifts in consumer preferences towards digital engagement, the demand for a seamless customer experience, the rise of digitally-savvy investors amid generational wealth transfer, and the need for integrated financial planning capabilities.
Marstone Co-founder and CEO, Margaret J. Hartigan, emphasised the strategic importance of the company’s offerings, stating, “In today’s economy, financial firms are under immense pressure to retain deposits, increase fee revenue, and stem outflows to external, digital-first investment solutions. Marstone is the only enterprise wealth management platform with the flexibility, scalability, experience, and speed to market to meet these mandates.
“Banks today are looking for ways to protect margins and deposits. For many, digital investing and wealth planning are the most strategic paths toward those goals. We believe that banks with non-interest income at scale will be the ones to thrive, and agree that wealth offerings are the solution.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
