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Your weekly guide to interesting happenings in WealthTech globally. In this issue, commentary on the following: With Biden-Era Fiduciary Rule Dropped, What Comes Next? Syfe Hits Profitability in Singapore and Secures New Funding Global WealthTech Market to Hit USD 21 Billion by 2031 FINRA Cautions Broker-Dealers to Catch 'Hallucinations' When Using Gen AI Affluent Investors Increasingly Turn to Robo-Advisors Airwallex lands $330 million - Backers might signify WealthTech rollout in US Alternative Managers Tighten Grip on US Life Assets Envestnet Announces Final 2025 Platform Enhancements How EverydayInvest is making investing universal Grantd Launches Equity Compensation Advice Platform Link to content:

401GO, a Utah-based fintech modernizing small-business retirement plans, has raised thirty-three million dollars in Series B funding. The round introduced Centana Growth Partners as a new investor, while Next Frontier Capital, Rally Ventures, and Impression Ventures returned after backing earlier rounds. The company plans to use the capital to expand embedded partnerships with human capital management providers, financial institutions, and financial advisors while continuing to scale its technology, product lineup, and team. 401GO develops a fully owned 401(k) platform built to serve both financial advisors and employers. Advisors use the firm’s portal, dashboards, pricing tools, proposal builder, automated invoicing, and reporting capabilities to monitor plans and manage client relationships more efficiently. Employers rely on the platform’s streamlined setup, automated compliance, intuitive mobile experience, and customer support to deliver affordable retirement plans without the friction of legacy systems. The technology enables processes such as plan creation, maintenance, and participant onboarding to be completed in minutes, supported by dedicated service teams. The company now serves over five thousand employer clients and fifty thousand participants and manages more than one billion dollars in assets. As 401GO invests in expanded partnerships and product development, its advisor-led distribution model and employer-focused efficiency aims to broaden access to modernized retirement plans for small businesses seeking simplicity and advisors seeking scalable plan management. Link to Article

The Beans has secured a $5.4 million seed round to accelerate the expansion of its financial operating system for frontline workers in healthcare, education, and nonprofit sectors. Investors in the round include Alloy Alchemist Fund, Commerce Ventures, Impulsum Ventures, Precursor Ventures, Swing Ventures, Techstars, TruStage Ventures, Esther Dyson, Coyote Ventures, and Fabric VC. The company plans to use the capital to scale its reach among employers aiming to address financial stress that contributes to absenteeism, turnover, and reduced productivity. Founded to improve financial stability for care-based professionals, The Beans offers a platform that automates and optimizes employee cash flow while supporting savings, debt management, and spending decisions. Its approach blends workforce development with intelligent software, aiming to reduce the financial strain common in care-centered roles. According to company data, employers using the platform have seen a 12 percent improvement in employee wellbeing and retention. The platform’s AI capabilities allow it to execute financial tasks, manage cash flows, and simplify complex decisions for users. With its new funding, The Beans plans to extend its services across more healthcare networks, educational institutions, and nonprofits. Founder and CEO Melissa Pancoast said the investment validates the company’s mission, while investors highlighted the firm’s execution and focus on addressing financial stress among frontline workers. Link to Article

Range has raised a $60 million Series C round led by Scale Venture Partners, with participation from Gradient Ventures, Cathay Innovation, and several new investors including 53 Stations. The financing brings the company’s total capital raised to more than $100 million. As part of the round, Rocket Money CEO Haroon Mokhtarzada and Scale Venture Partners’ Alex Niehenke will join the company’s board of advisors, adding experience in consumer finance, product scaling, and venture-backed operational growth.    The company plans to use the new capital to expand hiring across AI, product, and go-to-market functions while advancing its AI wealth manager, Rai, to deliver predictive planning and proactive tax optimization. Range also intends to grow its enterprise partnerships and broaden its investment solutions by adding broker-dealer services. The platform currently oversees $400 million in AUM and $9.5 billion in AUA, serving more than 5,000 high-net-worth customers across all 50 states.    Range reports 300 percent year-over-year revenue growth, citing demand from households priced out of traditional advisory models. Its AI-driven advisor handles thousands of financial inquiries monthly and has reduced messaging to human advisors by half. With its latest funding, Range aims to expand its national footprint, particularly on the West Coast, and continue redefining wealth management accessibility through technology.

Flex has raised $60 million in Series B financing led by Portage, bringing its total equity funding to $105 million as it accelerates its mission to build an AI-native private bank for mid-market business owners. The company positions itself as a unified financial platform that supports owners across personal and business needs, addressing the long-standing gap between small-business tools and enterprise-level financial infrastructure. Flex reported rapid growth over the past year, including a fourfold revenue increase, expanded private credit offerings, and the launch of new AI-driven capabilities. Central to Flex’s strategy is an intelligent agent architecture designed to replicate the functions of a complete finance team. These agents power underwriting, payment workflows, treasury optimization, and multi-entity financial management, creating a single operating system for owners who would otherwise rely on fragmented solutions. Flex’s expansion aligns with emerging Family Office as-a-Service trends, where technology brings traditionally high-touch financial management to a wider market. By combining banking-as-a-service infrastructure with AI-native orchestration, Flex aims to deliver the type of holistic visibility, cash-flow coordination, and personal–business integration that owner-operators typically access only through bespoke family office setups. Link to Article

First Rate Ventures has led the seed investment in bQuest, a Denver-based Care Intelligence Platform designed for financial advisors supporting clients through aging, end-of-life, and after-loss transitions. The partnership will embed bQuest’s AI Care Agents directly into advisor workflows, combining automated guidance with human concierge support. Marshall Smith, Managing Director at First Rate Ventures, said the platform addresses a widening advisory need: “The days of picking stocks and retaining clients with performance are gone. Advisors must adapt and add value across a broader spectrum of their clients’ financial lives. bQuest does this by enabling advisors to engage and add value during the end-of-life care of a loved one.”    bQuest provides firms with an integrated digital platform, a vetted national care-services network, and personalized assistance. Its tools help advisors maintain client relationships during moments when assets and loyalty are most at risk. The company’s collaboration with First Rate Ventures will accelerate the evolution of its explainable AI Care Agents, expand provider coverage nationally, and scale the concierge team that supports families during critical life transitions.    This investment reflects the growing importance of advisor readiness for the demographic surge associated with Peak 65 as well as the broader shift toward Family Office as-a-Service. As more Americans reach retirement age, advisors are being asked to support complex care, estate, and family-coordination challenges. By integrating bQuest’s capabilities into advisory workflows, First Rate Ventures aims to bring traditionally high-touch services down-market and strengthen the advisor’s role at the center of the client’s financial life.

Nevis formally launched its unified AI platform for wealth management and disclosed $35 million in Series A funding from Sequoia Capital, ICONIQ and Ribbit Capital, bringing total investment to $40 million in under a year. The company aims to remove administrative work that slows advisory firms, positioning its system as an engine for meeting preparation, client follow-ups, account openings and service tasks. Nevis reports that it already supports RIAs overseeing more than $50 billion in assets and is onboarding new customers quickly. The firm was founded by Mark Swan, Philipp Burda and Ivan Chalov, who built the platform around the view that advisors are limited by fragmented tools and manual workflows. Swan says many advisors spend most of their day on administrative or operational obligations, restricting capacity and making it harder for firms to meet rising demand for professional advice. Nevis is designed to address these bottlenecks by automating process-heavy tasks and stitching together information that typically lives across dozens of systems. Early customers include national RIAs, multi-family offices and firms focused on ultra-high-net-worth households. Leaders at GC Wealth, United Capital, Apollon Wealth Management and Dodds Wealth cited workflow automation, system integration and operational efficiency as primary reasons for choosing the platform. While not positioned as a compliance solution, firms also pointed to its potential to reduce risk created by inconsistent manual processes. With new funding and backing from well-known venture investors, Nevis plans to expand its platform and accelerate growth. Link to Article

Deutsche Börse, a global exchange company and operator of the largest stock exchange in continental Europe, has entered exclusive talks to acquire Allfunds, the largest European funds distributor, in a nonbinding proposal valued at about six billion dollars, roughly half cash/half stock. This represents almost a 32% premium to the closing price of Allfunds on Thursday and signals renewed intent after earlier considerations dating back to 2020. Allfunds’ board agreed to open formal discussions, although both sides emphasized that negotiations remain preliminary and the outcome is uncertain. Allfunds has drawn recurring interest from potential buyers, including private equity firms and European exchanges, but prior discussions never produced a transaction. The company continues to expand its fund-distribution infrastructure, overseeing €1.7 trillion in assets under administration as of September. Its platform gives institutions and distributors a unified system to screen, trade, and monitor fund activity, supported by analytics, execution tools, and compliance capabilities. Ownership remains anchored by Hellman & Friedman and BNP Paribas, which together control nearly half the firm. Market reaction to the proposal was immediate, with Allfunds’ shares rising sharply as investors weighed the implications for Europe’s investment-product value chain. Deutsche Börse, with a market capitalization near €42 billion, sees the potential combination as a way to broaden its infrastructure portfolio and deepen its role in fund distribution. If completed, the deal would represent one of the region’s most significant financial-technology transactions, reshaping how investment products reach advisors and institutions across the continent. Knote: Those who look skeptically on our thoughts around the evolving advisory model in Europe, and the implications and opportunities for European WealthTech, take note. We continue to feel that, in 10 years, European wealth management will look largely like the US today, particularly in the UK. We continue to feel that TAMPS (MPS and DFM as it is known over there) represents one of the most compelling wealth and WealthTech growth opportunities globally. Feel free to reach out if you would like to try and change my mind. Link to Article

Indosuez Wealth Management has acquired a 70 percent stake in Wealth Dynamix, a London-based fintech specializing in Client Lifecycle Management solutions for private banks, wealth management, and asset management firms. Founded in 2012, Wealth Dynamix develops technology that supports prospecting, onboarding, KYC review and a 360-degree view of client relationships. The deal deepens cooperation that began in 2019 among Indosuez, its outsourcing subsidiary Azqore, and the WealthTech.  The acquisition strengthens Azqore’s position in outsourced banking services by adding capabilities in digital client relationship management and compliance workflow automation. Wealth Dynamix’s tools are designed to improve operational efficiency and personalization for advisors while supporting self-service and digital regulatory processes. By integrating the fintech’s technical expertise, Azqore expects to expand into new client segments, including smaller private-banking and wealth-management firms seeking modernized CLM infrastructure.  For Wealth Dynamix, the backing of a global wealth manager is expected to accelerate product development while preserving its independence. Executives from both companies highlighted the opportunity to combine Indosuez’s scale with the WealthTech’s agility to enhance service for existing clients and drive broader product innovation. The acquisition is positioned as an inflection point for Azqore’s value proposition and a growth opportunity for Wealth Dynamix’s platform.  Knote:   An excellent example of a win-win strategic acquisition. Indosuez gets a tech infusion, talent, and acceleration into the small/midsize market, and potentially a profitable asset with synergies. Wealth Dynamics gets resources, presumably some sort of return on investment, perhaps even a windfall for the founders, and they (presumably) still get to keep 30% of the company to keep that entrepreneurial dream and drive alive and well. Bravo Wealth Dynamics and Indosuez!  Link to Article

Groww’s public debut this week has marked a major moment for India’s fast-growing WealthTech sector. The parent company, Billionbrains Garage Ventures, listed at ₹112, which was about 12% above its issue price of ₹100. The stock continued to build momentum throughout the session and eventually closed nearly 29% higher at ₹128.85.     With a market capitalization now approaching ₹9 billion, this is the largest Indian fintech listing of 2025 and a clear sign of how strong investor appetite has become for retail-focused financial platforms.    Founded in 2016 and backed by investors such as Satya Nadella, Peak XV, Tiger Global and Y Combinator, Groww has benefited from a remarkable rise in retail participation across the country. The National Stock Exchange has been adding close to ten million new investors every six to seven months, and Groww, with more than 14 million active users, sits directly at the center of this shift.    For investors, the strong debut offers a welcome contrast to several quieter listings earlier this month. While valuations already reflect a good amount of optimism, the long-term structural story around retail investing in India remains very compelling. Groww’s listing is an important milestone in that journey.

FNZ has raised US$650 million in new equity from its major institutional shareholders, giving the global wealth-management platform added financial strength as it continues to scale. With assets on platform now at US$2.1 trillion, five times higher than in 2020, the company said the additional capital will help it invest further in technology, product development and global delivery. The round also included participation from several of FNZ’s largest clients, a signal that key partners see long-term value in the company’s strategy and leadership. The firm added that the capital further stabilizes its financial profile during a period of expansion across North America, Europe, Asia Pacific and Africa. Over the past year, FNZ has secured new mandates, renewed major relationships and launched AI-driven tools designed to help advisors work more efficiently. CEO Blythe Masters said the company has focused on laying the groundwork for long-term performance, and that this new investment positions FNZ to capture the substantial opportunities ahead. Link to Article

Westlake, Texas–based Charles Schwab , a leading wealth management and brokerage firm, announced plans to acquire Forge Global Holdings , a San Francisco–based private markets fintech platform, in a transaction valued at approximately $660 million. Forge operates one of the largest marketplaces for private company shares, facilitating over $17 billion in transactions, and provides investors with direct and indirect access to private market opportunities. Schwab said the acquisition advances its mission to democratize investing by making private markets more transparent and accessible to qualified investors. The deal will combine Schwab’s 46 million client accounts and $11.6 trillion in assets with Forge’s marketplace technology and data analytics to create a unified private market ecosystem. Schwab plans to integrate Forge’s capabilities into its expanding suite of wealth and advisory services, building on initiatives such as Schwab Alternative Investments Select and Schwab Private Issuer Equity Services. Together, the firms aim to deliver liquidity solutions, private stock plan administration, and diversified investment access through a single platform. This acquisition highlights the growing role of alternative investments in wealth management as investors seek exposure beyond traditional asset classes. Schwab’s entry into the private markets through Forge exemplifies the Alts 2 Wealth Initiatives  theme, reflecting how WealthTech innovation is bringing transparency, liquidity, and scale to alternative investments that were once limited to institutions and ultra-high-net-worth investors. Link to Article