AI WealthTech Range raises $28m Series B to disrupt traditional wealth management

November 26, 2024

Range, an innovative AI WealthTech company, has raised $28m in a Series B funding round.

The investment was led by Cathay Innovation, with participation from Gradient Ventures and other investors. This latest round brings the company’s total funding to $40m.

The company, co-founded by Fahad Hassan and David Cusatis in 2021, provides a comprehensive wealth management solution powered by artificial intelligence. Its proprietary AI engine, Rai, delivers personalised financial advice 10-20 times faster than traditional advisors while significantly reducing fees for clients. Range’s services include investment management, tax planning, estate planning, retirement planning, and insurance, all integrated into a single platform.

The fresh capital will fuel Range’s expansion plans, allowing the company to accelerate product development and scale its engineering teams to enhance its AI-driven platform. With a membership base growing at 20% month-over-month, Range currently advises over 1,000 high-net-worth members, managing nearly $3bn in assets.

Range employs a transparent, flat-fee pricing model, avoiding traditional wealth advisors’ percentage-based fees. The company’s approach aims to democratise access to sophisticated wealth management tools, making them affordable and accessible to a wider audience.

Fahad Hassan, co-founder and CEO of Range, highlighted the industry transformation, stating, “The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation. Within 10 years, 95 percent of the population will rely on a trusted platform like Range. We’re not just building another fintech solution—we’re fundamentally democratizing access to sophisticated wealth management for all Americans.

Simon Wu, partner at Cathay Innovation, praised Range’s innovative approach, saying, “By and large, the wealth management industry hasn’t changed in more than 75 years. Fahad, David, and the entire Range team are bringing much-needed innovation to an outmoded industry with a service that’s affordable, convenient, and provides holistic insights and advice in hours versus months or quarters. We look forward to partnering with them to supercharge their success.”