GeoWealth, a Chicago-based turnkey asset management platform (TAMP) and financial technology provider, today announced a significant $18m growth investment.
This funding round was led by BlackRock, with notable contributions from Kayne Anderson Growth Capital and J.P. Morgan Asset Management, both of whom have previously invested in the firm.
GeoWealth specializes in offering a proprietary unified technology platform that supports a wide range of investment use cases for registered investment advisors (RIAs). The platform is designed to facilitate access to a diverse asset mix within a unified account framework, enhancing the flexibility and scalability of investment solutions.
The new funds will be directed towards advancing GeoWealth’s technology offerings. Specifically, the investment will support the development of new tools that enable RIAs to offer more customized and user-friendly investment solutions. Among the planned enhancements are the expansion of unified managed account (UMA) capabilities and functionalities that aid in alternative investments reporting and tax management.
GeoWealth’s President & Chief Operating Officer, Jack Hannah, highlighted the strategic importance of the investment: “RIAs are in the DNA of GeoWealth. This investment and partnership emphasize our commitment to continual innovation for the benefit of RIAs, delivering more scalability, flexibility, customization and exceptional service.”
Previously, GeoWealth raised Series B funding in 2021, led by Kayne Anderson Growth Capital, with J.P. Morgan Asset Management becoming a strategic investor earlier in 2018. As of the end of last year, GeoWealth’s platform supported over $28bn in assets and managed more than 180,000 accounts across nearly 200 RIAs.
GeoWealth CEO Colin Falls expressed enthusiasm about the new phase of growth: “We’re thrilled to enter this next phase of our growth journey with the backing of BlackRock as a strategic partner and investor.
“As we continue to invest in our proprietary technology, we will build new offerings that provide RIAs with a flexible, customizable and user-friendly platform. We’re deeply appreciative of our capital partners for their continued support of our business and growth ambitions.”
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