Wealth management technology platform Addepar has closed its Series F round on $150m, at a pre-money valuation of $2bn.
Capital from the round will support the company’s rapid growth, fuel expansion into new geographies and help with the development of the platform.
Founded in 2009 by Joe Lonsdale, the company aimed to improve how finance worked following the financial market fallout. Its goal was to enable efficient capital allocation.
It claims to have more than $2.7trn in client assets on its platform and serve over 600 family offices, registered investment advisors, private banks and large financial institutions in more than 25 countries. The FinTech company also claims it was adding an average of $15bn in assets each week onto its platform.
Addepar processes millions of accounts each day, ensuring thousands of advisors can quickly provide advice and results, and manage their risk for all clients.
The company is currently focused on evolving financial advice and investment management to maximise the impact of the world’s capital.
To combat rising pressure on financial advisors to provide access to range of liquid, illiquid and alternative asset classes, Addepar recently released its marketplace service. This digital experience streamlines and unifies access to shares in private companies and lets users invest into private equity, venture capital, hedge funds and real estate
Addepar CEO Eric Poirier said, “Today’s announcement underscores the trajectory and strength of Addepar’s business. Our coveted client base spans multinational banks, family offices, RIAs and other financial advisors.
“They all use our open software platform to deliver lasting and differentiated value for their clients. We’re able to unlock this value by enabling a more complete and meaningful financial picture at every level. This empowers financial professionals to advise each client on making the most informed and data-driven decisions that align with their unique goals, objectives and preferences.”
The company previously raised $177m in its Series E round back in 2020. Commitments came from WestCap Group, 8VC and Sway Ventures.
Last year, the company released its Investor Sentiment Index, which utilises aggregated and anonymized data across more than 10,000 portfolios to generate timely insights.
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