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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

FE fundinfo has acquired Contengo, a UK technology provider specializing in performance reporting, wealth analytics, and data migration solutions for independent financial advisers. The acquisition will integrate Contengo's capabilities into FE fundinfo's Nexus platform as a new Command Deck module, designed to centralize client and business data for advisers. Contengo's data engine collects transaction and client information from adviser platforms and back office systems into a control module, enabling advisers to make data-driven decisions. FE fundinfo, which connects the investment industry across the UK, Europe, and Asia Pacific, will use this technology to enhance its Nexus for Financial Advisers platform with real-time financial planning, AI-powered money-weighted performance insights, and automated data validation. The integration eliminates manual data entry, enables instant scenario modeling, and provides centralized visibility of fees and platform charging data. FE Analytics users will also gain tools to monitor live portfolio performance and demonstrate Consumer Duty compliance. The deal expands FE fundinfo's reach across UK wealth management platforms and follows previous acquisitions including FE AdviserAsset and FE CashCalc. CEO Liam Healy emphasized the company's commitment to providing IFAs with a unified, data-rich experience. Contengo founder Louisa Southey called the partnership an opportunity to deliver enhanced capabilities and deeper insights to financial advisers through the combined platform. Knote : FE fundinfo 's FOURTH WealthTech acquisition this year! Looks like they are coming after  Broadridge 's record... Link to Article

Edward Jones has expanded its partnership structure as part of a broader effort to modernize ownership and succession within the firm. The move adds new tiers of partnership that could open the door for more financial advisors to participate in equity-style incentives. According to a report by AdvisorHub , the St. Louis-based firm hinted that the changes may precede a potential capital raise, marking one of the first public acknowledgments that Edward Jones could seek outside financing to fund strategic initiatives. The firm’s most recent quarterly report, filed with the Securities and Exchange Commission on November 5, 2025, noted continued investments in technology, advisor platforms, and operational scale. While the filing did not confirm a capital raise, it cited expanding partner-related obligations and capital expenditures consistent with preparations for larger funding flexibility. These developments come as Edward Jones, one of the largest privately held broker-dealers in the United States, manages more than $1.9 trillion in client assets across over 19,000 advisors. For the wealth management industry, Edward Jones’s evolving structure underscores the growing importance of ownership innovation and capital efficiency. As competition intensifies among advisor platforms, the firm’s potential move toward new funding sources could set a precedent for other large partnerships navigating technology modernization and long-term growth. Knote: I get the feeling that their tech is about to get a whole lot better or wealth manager valuations are going up yet again...probably both. Link to Filing

Robinhood has launched a new mortgage offering for its Gold subscribers through an exclusive collaboration with Sage Home Loans, a digital-first mortgage lender. Eligible Robinhood Gold members can now access discounted mortgage rates up to 0.75% below the national average, along with a $500 closing credit for home purchases or refinances. The offer, available directly within the Robinhood app, builds on a summer pilot and reflects both firms’ focus on leveraging technology to lower costs and simplify complex financial processes. Sage’s data-driven lending platform powers the experience, guiding borrowers through each step of home financing with improved transparency and reduced friction. The company’s mission to make homeownership more accessible through technology aligns with Robinhood’s broader goal of democratizing finance. Together, the two firms are using digital infrastructure to connect investors’ financial growth with real-world milestones such as buying a home, broadening how fintechs can support wealth creation across income levels. This collaboration also highlights the “Family Office as-a-Service” theme emerging across WealthTech. Once the exclusive domain of ultra-high-net-worth families, family office functions like liability optimization, lending, and cash management are now moving down-market through technology. By integrating home lending into a retail investing app, Robinhood and Sage are helping everyday investors access traditionally high-touch financial services and bringing the benefits of holistic financial management closer to mass-affluent households. Link to Article

FundApps and SteelEye have announced their merger, creating a combined RegTech firm offering end-to-end compliance capabilities across the buy and sell sides. The transaction, backed by an additional equity investment from FundApps investor FTV Capital, aims to deliver a single solution that integrates surveillance, monitoring, reporting, and analytics into one comprehensive compliance platform. The merger brings together FundApps’ regulatory reporting expertise and SteelEye’s trade and communications surveillance tools to provide greater transparency, automation, and control for financial institutions. The unified business will serve 350 clients spanning asset managers, hedge funds, banks, and commodities firms across 18 countries, with combined annual recurring revenue of nearly £50 million. FundApps founder and CEO Andrew Patrick White described the merger as “a transformative step” that eliminates the fragmentation of compliance technology by consolidating key capabilities under one roof. SteelEye CEO Matt Smith highlighted the firms’ shared goal of “empowering financial institutions through data-driven innovation,” noting the global scale the partnership enables. This merger directly advances the Enhanced Outsourced Compliance theme in WealthTech, which points to a growing demand for scalable, technology-enabled compliance services. As RIAs and financial institutions look to outsource not only consulting but also real-time surveillance and regulatory monitoring, the FundApps–SteelEye combination provides the scale and integrated infrastructure needed to deliver on that vision. Link to article

Morgan Stanley has announced an agreement to acquire EquityZen, a leading marketplace for pre-IPO investments. The move strengthens the firm’s leadership in private markets and builds on its ecosystem of services for private companies and shareholders. By integrating EquityZen’s issuer-aligned trading model with Morgan Stanley’s cap table and liquidity solutions, the firm aims to deepen its relationships with private companies while providing wealth clients and workplace participants broader access to private shares. EquityZen, founded in 2013, connects shareholders of private companies with accredited investors and has completed more than 49,000 transactions across nearly 500 companies. Its integration into Morgan Stanley’s Wealth Management division will enable issuers to manage when and how their shares trade, giving them greater control over liquidity events. The acquisition complements Morgan Stanley’s recent partnership with Carta and aligns with its strategy to deliver comprehensive, end-to-end private market services. This acquisition directly supports the Alts2Wealth theme, which reflects the surge in alternative investment initiatives across the wealth management industry. As more advisors seek differentiated offerings through access to private markets, Morgan Stanley’s integration of EquityZen positions the firm to meet growing client demand for liquidity, transparency, and diversification in alternatives. The deal, expected to close in early 2026, highlights how technology-driven platforms are transforming access to private investments for wealth clients. Link to Article

While this report comes a few weeks after the October 15 transaction, the deal’s implications for the WealthTech landscape remain significant and worth a closer look. S&P Global has agreed to acquire With Intelligence, a leading provider of data and intelligence on the global asset management industry, from Motive Partners for approximately $1.8 billion in cash. The acquisition, expected to close in the first half of 2025 subject to regulatory approvals, strengthens S&P Global’s position in private markets data, particularly across hedge funds, private equity, and real assets. With Intelligence serves more than 3,000 customers worldwide, including asset managers, allocators, and service providers.  The transaction will expand S&P Global Market Intelligence’s coverage of alternative investments, complementing its existing capabilities in public markets, credit ratings, and risk analytics. S&P said the acquisition aligns with its strategy to provide integrated, data-driven intelligence across public and private capital markets. The move also highlights continued consolidation among financial data providers seeking broader visibility across all asset classes.  Upon completion, With Intelligence will operate within S&P Global Market Intelligence, supported by its data, research, and technology infrastructure. S&P expects the integration to accelerate product innovation and deepen client insights in fast-growing private markets. Motive Partners, which acquired With Intelligence in 2021, said the sale validates its focus on building scalable financial technology platforms. The acquisition underscores how demand for reliable private markets data continues to rise as investors and advisors seek transparency and performance benchmarking across alternative assets.  Link to Article

Kendrick Wakeman, CFA, Co-Founder and CEO of WealthTech Strategy Partners, spoke at Suffolk University Business School in October 2025 on how tech, regulation, and demographics are reshaping wealth management.  WTSP believes WealthTech is entering a transformative era, driven by smarter technology, demographic change, and the convergence of institutional and retail models.  Generation X now sits at the center of the wealth ecosystem, already in their peak earning and inheritance years and demanding digital fluency, transparency, and personalized service.  Family Office-as-a-Service extends high-touch planning tax, estate, and lending to the mass-affluent through scalable technology.  AI’s greatest value lies in augmenting advisors through personalization, compliance, and client engagement, not in replacing human advice.  The “Alts 2 Wealth” movement is opening private investments to smaller investors, though transparency and liquidity remain key challenges.  A wave of corporate venture capital is giving major financial firms direct exposure to innovation while influencing their strategic roadmaps.  With TAMPs and outsourced compliance tech accelerating, WealthTech is fast becoming the operating system of modern wealth management.

Technology infrastructure firm Cybrilla has raised an undisclosed pre-Series A funding round from 360 ONE Asset, Peak XV, and Groww through Groww’s early-stage venture strategy. The funds will expand Cybrilla’s product roadmap, strengthen integrations with asset management companies and distributors, and support operations. The company helps launch products for more than 25 asset managers and supports distributors, and wealth-tech providers through their 'Wealth OS' system. As wealth platforms and asset managers modernize their operations, the need for scalable and compliant infrastructure continues to grow. Cybrilla’s solution helps fill that gap by connecting product creation, compliance, and distribution workflows, reducing operational complexity and improving speed to market. For Groww and 360 ONE Asset, the investment highlights how both firms are using venture capital to influence the future of wealth infrastructure. Groww, which has raised nearly $600 million, continues to invest across the WealthTech ecosystem through acquisitions such as Fisdom and prior mutual fund ventures. While 360 ONE can often act more like a venture firm through its $6 billion private markets platform, participation from Groww signals how active WealthTech players are increasingly stepping into the investor role to shape the tools and infrastructure they rely on every day. Link to Article

Reseda Group, a credit union service organization wholly owned by MSU Federal Credit Union, has partnered with Oregon-based Maps Credit Union to acquire Pocketnest, an AI-driven financial wellness platform. The move positions the technology as a central tool for helping credit unions deliver personalized financial education and actionable insights to their members. According to Reseda Group CEO April Clobes, the acquisition reflects a shared goal to make banking more accessible through AI-powered innovation that supports long-term member success. Pocketnest’s platform leverages behavioral science and generative AI to provide personalized guidance across budgeting, debt management, estate planning, and other key areas of financial life. Maps Credit Union President Mark Zook emphasized that the partnership enhances the member experience by embedding financial wellness into the core of the credit union relationship. Pocketnest has shown measurable results, increasing financial wellness by 57% on average while uncovering millions in cross-sell revenue opportunities for institutions. Pocketnest also has a history of serving employers and employees through workplace wellness programs. As strategic buyers Reseda Group and Maps Credit Union begin shaping the company’s next chapter, it will be interesting to see whether those workplace-focused offerings reemerge or if Pocketnest’s future will remain rooted entirely in member-centric banking. Link to Article