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iCapital announced that they have raised over $820mm in a funding round lead by T Rowe Price and SurgoCap Partners. Other noteable strategics participated including State Street, Temasek, UBS, and Bank of NY. The round was reportedly valued at $7.5 billion. We see this as yet another point of validation for the thesis of increased alternative use in wealth management. Blackrock estimates that over $20 trillion of wealth management assets will be invested in alternatives by 2030. Blackrock's CEO, Larry Fink, stated in his annual letter that he foresees a day when the ubiquitous 60/40 Portfolio becomes the 50/30/20 Portfolio with the 20% being made up of alternative assets. It's probably worth noting that Blackrock owns a large chunk of iCaptial, so it's probably less of a coincidence than one might expect. It's also notable that they are earmarking a good chunk of proceeds towards acquisitions. They have been quite acquisitive in the past and it looks like that will not be ending anytime soon. Nor should it, if the opportunity is really there to try and lock-up a rapidly growing and significant market. In some ways, it is their market to lose at this point. For more information on our "Rise of Alternatives in Wealth Management" thesis, as well as our other key WealthTech theses, please feel free to check out our themes piece "WealthTech Themes for the Next 5 Years" here: https://www.wealthtechstrategy.com/post/wealthtech-themes-for-the-rest-of-the-decade Link to full article: https://www.businesswire.com/news/home/20250709680610/en/iCapital-Completes-Over-%24820-Million-Capital-Raise-Valuation-Surpasses-%247.5-Billion

A large funding round from Savvy Wealth, the all-in-one RIA platform, was announced earlier this week. Savvy Wealth not only raised a whopping $72million Series B round, but they did so with new strategic and venture money. Existing investors appear to have all participated as well.    Savvy Wealth combines proprietary advisor technology with in-house investment management, compliance, and operational support. They recruit advisors onto their platform, enabling them to serve clients efficiently through an integrated digital experience while handling the back-office complexities for them.    This recent raise brings their total equity funding to $106 million. They’ll utilize the new funds to enhance their AI-driven advisor platform, expand the team, and accelerate advisor recruitment as they continue building out their tech-enabled wealth management offering. Notably, this raise comes less than a year after their last round in August 2024, highlighting strong momentum and investor confidence in their growth strategy.    Interestingly, we see Vestigo Ventures and Euclidean Capital backing a new company, while many investors are sticking to existing investments to back their winners. Vestigo comes on as a strategic investor, bringing former LPL CEO, Mark Casady, onto the board. Additionally, Savvy bolstered its leadership team with the additions of Eric Hurkman as Chief Technology Officer (formerly founding CTO of Carta, valued at $7.4 billion), David Weiner as Chief Growth Officer (formerly Head of Growth at Compass, valued at $4 billion), and Lisandra Wilmott as Head of Legal & Compliance (formerly General Counsel of $200 billion AUM multi-family office Pathstone).    This raise highlights how investors continue to bet on platforms that combine technology with full-service support to attract advisors. With fresh capital and new leadership, Savvy Wealth is positioning itself to compete aggressively in an increasingly crowded RIA platform market. It’ll be worth watching how quickly they can translate this funding into advisor growth and market share gains.

Wealthfront, the pioneering robo‑advisor based in Palo Alto, has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission, marking the first public indication of an initial public offering (IPO) in its more than decade-long journey.    Founded in 2008, Wealthfront has built a reputation for automated, low‑cost investing and wealth management. With approximately $85 billion in assets under administration, it serves over one million clients, especially younger, tech-savvy professionals who prefer seamless, digital-first financial experiences.    Wealthfront’s path to this point has been characterized by resilience and innovation. In 2022, a $1.4 billion acquisition offer from UBS was cancelled in a mutual decision, an indication of Wealthfront’s desire to continue independently. Since then, the firm has focused on expanding its services by offering fractional share trading, high‑yield cash management, and an automated bond‑ladder product, while simultaneously lowering barriers to entry, such as reducing the minimum investment for S&P 500 direct‑indexing from $20,000 to $5,000 and trimming bond‑ladder fees.    Wealthfront’s confidential filing sends a positive signal that the IPO window for fintech firms is opening wider. It reflects strong investor appetite and renewed confidence in digital wealth platforms. For Wealthfront users, this move could translate into accelerated product innovation and continued cost benefits, as public backing often provides resources necessary for service expansion and platform stability.    What to keep an eye out for next:     SEC review phase – Expect regulatory scrutiny and eventual public disclosure of offering terms.  IPO timing – While the confidential route provides privacy, analysts anticipate a public filing in the coming months.  Market response – Wealthfront’s performance in public markets will be illustrative, not only for its brand, but in proving another potential path exists for WealthTech comapnies.   Overall, Wealthfront’s filing underscores confidence in its business model and the vitality of the FinTech sector. With a solid track record of innovation, significant assets under management, and a loyal client base, Wealthfront appears well-positioned to thrive as it transitions into the public domain.

On June 2, TP ICAP Acquired Neptune Networks to Build an Integrated Electronic Bond Trading and Data Business   TP ICAP, a major global provider of financial markets infrastructure, announced its acquisition of Neptune Networks, a pre-trade bond data network co-owned by nine leading investment banks. Neptune delivers high-quality, real-time pre-trade corporate bond data from sell-side dealers to the buy side. TP ICAP plans to merge Neptune with its Liquidnet platform, an electronic credit trading venue used by buy-side traders, to form a full-service, global dealer-to-client credit business.  Neptune’s clients are primarily buy-side asset managers, pensions, and hedge funds looking for timely, accurate pricing from multiple dealers. Liquidnet’s clients are often the same firms, but using the platform for electronic execution, placing and managing actual trades.   Historically, even sophisticated institutional investors have had to juggle separate platforms for viewing dealer quotes, chatting with counterparties, and executing trades. The Neptune–Liquidnet integration, however, offers these clients centralized, real-time pre-trade data, seamless execution capabilities and more control over who they trade with, when, and how.  This move couldn’t come at a more important moment. The U.S. is at “Peak 65,” with the largest-ever wave of retirees shifting portfolios toward income. Fixed income demand is rising sharply, and advisors are under pressure to deliver personalized bond solutions, whether through ETFs, SMAs, or custom ladders. The Neptune–Liquidnet combination lays the groundwork for delivering those solutions more efficiently. It supports the broader shift toward tailored, transparent, and tech-enabled fixed income strategies that meet the needs of a retiring generation looking for stability, yield, and tax-aware planning.

The shift toward alternatives in wealth management is accelerating, and Fidelity’s latest move proves it’s not slowing down.    Last week, Fidelity Investments announced a strategic partnership with Envestnet to roll out alternative investment capabilities via custom model portfolios. The offering allows eligible RIAs to access private market strategies such as interval funds, tender offer funds, and alt ETFs via Fidelity’s open-architecture model platform. These models are now available on Envestnet and represent a major step forward in democratizing alternatives for advisors.    This launch directly supports a theme we’ve tracked closely: rising interest in alternatives among both advisors and platforms. It’s a trend driven by multiple forces.     Firms are racing to launch alts platforms for retail.  Advisors are seeking differentiation through non-traditional exposures.  Managers are turning to the RIA channel as institutional capital sources plateau.    As access and adoption increases, we expect current friction to subside with intentionality, notably the liquidity, transparency, and education barriers.    Fidelity is positioning itself at the intersection of these challenges and opportunities. With $41B in alternatives AUM, 60+ alternative strategies, and now, custom private market models backed by Envestnet’s infrastructure (including integrations with CAIS, Canoe, and iCapital). The offering gives advisors a turnkey solution to meet growing client demand.    Fidelity isn’t alone. BlackRock, State Street, and Franklin Templeton have also joined forces with Envestnet to expand alternatives access, underscoring the broader industry narrative: differentiation will come from deeper diversification.    As Jordan Burgess at Fidelity put it: "We’re now introducing alternatives exposure to advisors through custom model portfolios… simplifying the process for RIAs who want access to private markets."    At WealthTech Strategy Partners, we are tracking this trend closely. Whether it’s private credit, infrastructure, or hedge fund access, alternative investing is no longer just for institutions, and the platforms enabling that shift are where innovation (and investment) is flowing.

Another big funding round from the East for a digital advice/self-directed trading platform. Syfe raised a $53million Series C round lead by two UK family offices who are apparently bashful and were not named. Existing investors Unbound and Valar (Peter Theil) also participated. Syfe is a direct-to-consumer digital advice and investing platform serving the mass affluent market, which they define as slightly lower than the way we think about mass affluent in the US. They operate mainly in Singapore, but also Hong Kong and have recently expanded into Australia with the acquisition of Selfwealth last month. They now stand at $10 billion AUM, up 50% from last year, which helps underscore the size of the unserved market in places like Singapore and India in particular. We should probably point out that most people are reporting it as an $80 million raise, but that includes $27 million raised last summer, which we count as a different financing, if that matters. This brings the total amount raised to about $132 million. We continue to see the D2C digital advice business booming in India in particular but Singapore as well. The fact of the matter is that the mass affluent class is growing rapidly in those markets and there are basically zero human advisors. It takes a while for a strong personal advice industry to come online, so in the interim it will have to be solved with technology.

German digital advice and investing platform Scalable Capital announced that it raised $177 million (€155 million) in a funding round led by Sofina and Noteus Partners, both new investors. Existing investors that also participate included Blaterton Capital, Tencent, and long-term investor HV Capital. BlackRock, an existing investor, did not appear to participate. This brings the total capital raised so far to $535 million. Scalable Capital is a self-directed investing platform serving Europe. We have seen self-directed investing platforms get more attention as they look to position as a lead-gen engine for professional advice. For more information on our Self-Directed Trading as Lead-Gen theme, see our WealthTech Themes for the Next 5 Years piece.

Boston, MA – June 3, 2025 – WealthTech Strategy Partners, the only investment bank solely focused on WealthTech, today announced the formal launch of its dedicated advisory initiative for Turnkey Asset Management Platforms (TAMPs). With decades of industry insight and a growing demand for specialized strategic support, this new offering aims to connect TAMP providers, investors, and acquirers with the guidance needed to navigate a rapidly evolving market.     The initiative will center around three core service areas:  Advisory for TAMP Operators  – Helping platforms define growth strategy, improve positioning, and plan for scale or exit.  Strategic M&A and Capital Raising  – Finding the right fit and valuation for a strategic exit or growth capital.   TAMP Market Intelligence & Mapping  – Offering research, comparative analysis, and deal insights across the TAMP ecosystem.     To lead this effort, WealthTech Strategy Partners has brought on Scott MacKillop, a pioneer in the TAMP world with more than 45 years of experience building, advising, and leading firms in the space. Scott was the Founder and CEO of First Ascent Asset Management (acquired by GeoWealth in 2023) and previously served as President of Frontier Asset Management, US Fiduciary Services, and other leading platforms.     “Traditionally, TAMPs have been considered more of a service offering than a technology,” said Kendrick Wakeman, Co-Founder and CEO of WealthTech Strategy Partners. “However, the more TAMPs evolve, the more emphasis is placed on how these services are accessed, consumed, executed, and maintained. This has led to TAMPs evolving into technology platforms, often in their own right.”      WealthTech Strategy Partners invites TAMP executives, private equity firms, venture capital investors, and strategic acquirers to sign up for early access to TAMP research and be the first to receive the upcoming white paper by subscribing to the WealthTech Strategy Partners TAMP Newsletter .      About the firm: WealthTech Strategy Partners is the only investment bank solely focused on WealthTech. The firm advises early- to mid-stage technology companies and financial sponsors on capital raises, mergers & acquisitions, and strategic growth initiatives. Its team brings decades of domain expertise, purpose-built to serve innovators across the advisor technology ecosystem.     Learn more at https://www.wealthtechstrategy.com

May 27, 2025 - WealthTech Strategy Partners, the only investment bank solely focused on WealthTech advisory, has announced the addition of Scott MacKillop as a Senior Advisor to bolster its TAMP strategic advisory business. With over 45 years of experience in the financial services industry, MacKillop brings a wealth of strategic insight and leadership to support the firm’s continued growth and client success.    Throughout his distinguished career, MacKillop has led and advised numerous prominent asset management and fiduciary service firms. He was the Founder and CEO of First Ascent Asset Management, a pioneer in flat-fee investment management that he sold to GeoWealth in 2023. He has also been the President of Frontier Asset Management, US Fiduciary Services, Trivium Consulting, Portfolio Management Consultants (PMC), and ADAM Investment Services.     “Scott is perfectly positioned to help lead our efforts to build out the TAMP portion of our advisory business,” remarked Kendrick Wakeman, CEO and Co-Founder of WealthTech Strategy Partners. “I am confident that his knowledge, leadership, experience, and vision as a six-time TAMP innovator is going to be a huge benefit for our clients and the wealth management industry as a whole.”     In addition to his executive leadership, MacKillop serves on the Board of Directors for the Institute for the Fiduciary Standard, reflecting his long-standing advocacy for investor protection and best practices in advisory services.    MacKillop began his career as a lawyer in Washington, D.C., practicing from 1976 to 1991. He holds a law degree from George Washington University Law School and an undergraduate degree from Stanford University.    “Over the last 30 years, I have had the pleasure and honor of helping to move the TAMP industry forward in whatever ways I could,” said MacKillop. “With the industry changing at a record pace, I am delighted to be part of the WealthTech Strategy team helping to keep the industry moving forward in the future.”

BetaNXT, the WealthTech who, among other things, is looking to streamline the middle and back office of wealth management, has acquired Delta Data, a mutual fund sub-accounting and transaction platform. The acquisition will add fund sub-accounting and enhanced communications flows to their DataXchange platform. No terms were disclosed. Some might feel that mutual fund structures are dead, but you can't really count them out, particularly in the 401k space. The British Empire is only about 1% the size it once was and it is still one of the most powerful countries in the world.* Don't forget that. Link to article: https://www.prnewswire.com/news-releases/betanxt-acquires-delta-data-provider-of-streamlined-investment-fund-solutions-for-distributors-asset-managers-and-transfer-agents-302463756.html *The United Kingdom covers roughly 100,000 sq miles, down from a peak of about 14,000,000 sq miles for the British Empire at its peak, but it is still ranked as the 4th most powerful country in the world by US News & World Report.

Bengaluru-based WealthTech Stable Money has raised $20 million in a Series B round led by The Fundamentum Partnership Fund, a first-time investor. They were joined by existing investors Matrix Partners, RTP Global. and Lightspeed India. Naman Finance was also a new investor. The round was valued at $130 million post-money, up from $55 million last summer and $16.5 million the summer before that. Not too shabby. Stable Money is a platform that allows individual investors to choose from CDs (known as FDs in India) from a variety of banks. This allows for some rate shopping and insurance splaying. Similar to brokered CDs here in the US. The main take-away is that this is just another example of the strength of the direct-to-consumer WealthTech market in India. Just last week we saw Thundr raise $15.7 million and the Groww/Fisdom merger for $150 million. It seems that things are really heating up in Bengaluru, figuratively speaking and probably literally too. Link to article: https://www.techinasia.com/news/lightspeed-joins-20m-series-b-for-indian-wealthtech-firm

eToro's French subsidiary, eToro Patrimoine, has teamed up with French insurance giant Generali to offer PERs (the French version of an IRA) and insurance directly to its users. We see this as yet another sign that day-traders are "growing-up" and saving for retirement. As Millennials and and even some Gen Z enter the accumulation phase of their lives, we expect to continue to see the self directed trading platforms offer more accommodations for long-term investors. This includes even human advice/advisor lead gen as in the case of Robinhood's acquisition of TradePMR (see our WealthTech Themes of the Decade piece for more information about our Rise of Self-Directed Trading as Lead Gen theme). Investors in the PER product can choose from ready-made portfolios or create their own, so you might say there is some small element of robo-advice in there as well. The insurance angle is particularly interesting, in our view. Many younger folks, and even some older folks, do not carry enough life insurance, if any. And yet, many have started or are starting families. eToro could be an effective platform for fixing this. We will have to see how they execute the UX as that will be important for uptake. Robinhood and Webull should take note. Link to article: https://www.etoro.com/news-and-analysis/etoro-updates/etoro-launches-a-per-and-life-insurance-offer-in-partnership-with-generali/