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February 09, 2023 at 10:42 AM
What You Need to Know
- The $6 million in funding will position Asset-Map for sustained development in 2023 and beyond, the company says.
- Fidelity International Strategic Ventures, BNY Mellon and RBC are among the new investors in Conquest Planning.
- A new partnership with Merchant will give advisors access to Opto’s exclusive private market opportunities.
Asset-Map Holdings closed on a $6 million Series B funding round, the developer of the Asset-Map financial planning platform said Tuesday.
With the latest financing, 41 family offices, CEOs, wealth managers, partners and board members joined RGAx and SixThirty as Asset-Map investors as of Dec. 14, it said. Asset-Map has now raised $7.6 million in total funding since being founded by financial advisor H. Adam Holt in 2013.
After seven years of growth and adoption by advisors and other financial professionals, the $6 million in Series B growth equity will “position Asset-Map for sustained development in 2023 and beyond,” the company said.
Further, the new funding will allow the company to “scale its operational resources, further improve its sales and partnership capabilities, and execute its product and marketing strategies, in addition to fulfilling its long-term mission to elevate the financial wellness of millions of people globally,” the company noted.
“The future of financial guidance requires both professional expertise and technological innovation. While I’m proud of the role Asset-Map has already played in supporting financial professionals, I’m equally excited by the innovations we will spearhead in the future.”
The Asset-Map Platform provides in-person and remote advice software to wealth management, investment, tax and insurance professionals. It is typically included as part of the financial planning engagement process that advisors have with clients.
Asset-Map is now used by thousands of advisors and other professionals globally and has mapped more than 1.25 million people and $1.5 trillion in financial instruments, it said.
Conquest Planning Raises $18 Million
Conquest Planning, the operator of a technology platform that offers customized financial planning advice, raised $24 million Canadian dollars ($17.8 million) in Series A funding, the company said Tuesday.
The round was led by Fidelity International Strategic Ventures and was joined by existing capital partners Portage and new investors BNY Mellon and Royal Bank of Canada.
The new capital will “support Conquest’s continued growth and investments in its platform user experience, as well as its ongoing expansion into key markets such as the United States and United Kingdom,” it said.
Fidelity International Strategic Ventures will help accelerate Conquest’s penetration of the U.K. market, while Portage “continues to drive strong relationships and growth locally and internationally,” according to Conquest.
Conquest has now raised total funding to date of nearly 35 million Canadian dollars and “already forged relationships with tens of thousands of advisors in its native Canada,” it said. The company last year announced its expansion into the U.S. and U.K.
Dr. Mark Evans, Conquest Planning CEO and the architect of advisor software NaviPlan, believed the time was right for international expansion.
“Demand for tech-enabled financial experiences, whether consumer-initiated or advisor-led, is increasing exponentially,” he said in a statement.
Opto Teams With Merchant
Opto Investments entered into a strategic pact with Merchant Investment Management, the companies announced on Wednesday.
Opto’s private investment platform will enable registered investment advisors to create customized private-market portfolios using funds from select investment managers.
The new partnership gives Merchant’s partner RIAs access to Opto’s exclusive private market opportunities and software, which will allow them to better serve their high-net-worth and ultra-high-net-worth clients, according to the companies.
