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Industry Spotlight > Women in Wealth

Quovo Raises $4.75M; Carson and Bicknell Among Backers

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Account-aggregation startup Quovo Inc. announced on Tuesday that it has closed a $4.75 million funding round.

The financial data science company secured $1.4 million in a Series A round of venture funding in December 2013, and this round of funding will help the company bring smarter data to the wealth management industry, according to Quovo. 

“The fintech boom, robo-advisors, and new regulations have pushed the wealth management industry into the digital revolution – where rich data sets and on-demand analytics are driving massive changes in how advice is delivered,” said Lowell Putnam, Co-Founder and CEO of Quovo, in a statement. “By combining industry-leading data aggregation with a powerful Big Data platform, we are providing financial services firms and advisors with the tools they need to better serve their clients.”

The company has an online platform combining portfolio analytics and data management tools.

Notable is the number of recognized leaders of the financial advisory industry that participated in this round of funding – including Steve Lockshin, current partner at Betterment Institutional; Ron Carson, founder and CEO of Carson Wealth; and Marty Bicknell, CEO of Mariner Wealth.

Putnam says the response Quovo has gotten from the industry has been “overpowering.”

“In just over a year in the market, we have reached over $700 billion in assets on our platform,” he said in a statement. “The oversubscription of this round along with the participation of both VC firms and industry giants like Steve Lockshin, Ron Carson, and Marty Bicknell, further validates our belief that data science will be the foundation on which the next generation of financial services is built.”

Lockshin, who is founder and former CEO of Convergent Wealth Advisors & Fortigent, founder of AdvicePeriod and the current partner at Betterment Institutional, participated in Quovo’s funding because he has seen firsthand how an advisor’s practice needs to keep up with technological advances in order to thrive

“Today, technology is synonymous with data,” Lockshin said in a statement. “Advisors need to be better equipped with smarter data and analytics to compete in today’s marketplace and survive in tomorrow’s industry. As a Quovo user myself, I know that their offering is a game-changer in the wealth advisory space and that the company is at the forefront of financial data science.  In the next decade, everything in the wealth advisory industry will be about data.”   

This recent fund raising was led by fintech specialists Fintech Collective, with additional participation from Long Light Capital, the lead of Quovo’s seed funding in 2013.

—Related on ThinkAdvisor:

Orion Integrates Data Aggregator Quovo as T3 Tech Conference Kicks Off


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