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SS&C announced that they have acquired Calastone, the UK-based global funds network for approximately $1 billion. SS&C will fund the purchase out of cash on hand and debt (probably more of the latter than the former). Calastone is a good example of how technology is disrupting investment infrastructure. It uses modern technology to fully automate the mutual fund transaction process and has added tokenization to automate ETF and money market trading as well. It counts some of the most prestigious financial institutions as clients, including JP Morgan, where is runs behind their Morgan Money liquidity platform. Calastone started in 2007, raised almost $27mm, sold to Accel and Octopus, who then sold it to Carlyle, who has now sold it to SS&C. We will undoubtedly learn more on SS&C's quarterly earnings call, which is tomorrow, July 23, 5pm ET. Link to article

Eton Solutions, a WealthTech platform servicing family offices, announced a $58mm Series C Round lead by Navis Capital Partners. The funds will be used to build out their AI roadmap and scale their AtlasFive core technology offering. This brings the total raised by Eton to close to $120 million. They have approximately $1 trillion of assets on their platform and 800 of the world's wealthiest families, giving Addepar a run for its money. Based in North Carolina, Eton has clients in 15 countries and has an international office in Singapore (hence the involvement by Singapore-based Navis). They have been rapidly growing (+340% in the last three years) and will undoubtedly put the money to good use. For our part, we would love to see some of the features of their platform scaled out and brought down-market for the merely rich people. For example, they have a good accounting and bill payment solution and an interesting private loan tracking and servicing platform so you don't have to hound your relatives for loan payments. Link to article: link

SEI, the US WealthTech platform, announced that it was acquiring a majority stake in the wealth management firm Stratos Wealth. SEI will pay approximately $527 million for a 57% stake in the firm with an option to buy the rest under certain circumstances. We confess that we did not see this one coming. But, if the large RIA aggregators can build out their own WealthTech platforms, it only seems fair that the large WealthTech platforms can buy RIAs. The acquisition will give SEI a decent foothold in the wealth management space with 360 advisors and $37 billion in assets. We presume the next step will be to recruit new advisors to the platform by tempting them with SEI's technology, custody, and TAMP solutions. I certainly don't think we have seen the end of this story. As an aside, the Corp Dev team at SEI has been busy. Over the two years, they have acquired LifeYield, Altigo, and National Pension Trust. They also sold their family office services business to Aquiline. Link to article: link

d1g1t, a Canadian WealthTech platform, announced a partnership and strategic investment from RBC. RBC will invest an undisclosed amount alongside JAM Fintop and d1g1t will integrate their robust risk and analytics solution into the RBC ecosystem. d1g1t will use the proceeds to accelerate their roadmap and further expand their North American client base, so it's a big huzzah for Canadian WealthTech and North American clients. This is essentially a textbook example of how strategic investing should work. d1g1t gets the funding they need and RBC plugs a feature set gap at basically no expense. Plus, they are in pole position should they ever decide to acquire d1g1t, presumably. From an investment standpoint, it never hurts to make sure your investment is about to win a big client. It's like putting your thumb on the scale at the butcher shop. For more on our Corporate Venture Capital theme and other thoughts on the where the WealthTech industry is going, see our thematic piece WealthTech Themes for the Next 5 Years . Link to article: Link

Retirable, a New York-based WealthTech firm working to fill the retirement advice gap for folks who don't have easy access to advice, announced that they have secured a $10mm Series A round from a near panoply of strategic investors. This brings the total raised by the firm to almost $26mm. We believe it is an excellent validation point for the Peak 65 thesis and the rising importance of the distribution side of advice. Peak 65 refers to the fact that more people in the US will turn 65 next year than have ever done or will ever do (at least for the next 65 years). While people don't necessarily retire at 65 these days, they surely must think about it. We all talk about the opportunity of "the great liquidation" where retirees downsize houses, sell small businesses, and roll-over 401ks. It's a real opportunity, but it seems to us that to win that business, you need to make a good pitch on the distribution side of the client relationship, not something all advisors are focused on. The deal was lead by IA Capital, which we believe has some insurance backing, and also saw participation from two other insurance-based investors, Nationwide Ventures, and Western & Southern. This could mean that the Peak 65 thesis is playing very well at insurance companies, as it should, or that IA Capital has a lot of insurance buddies. Probably both. We do believe that annuities are going to see further resurgence as wealth management adds highly competitive distribution-phase proposals to their repertoire in an attempt to capture 401k rollovers and other assets of the Great Liquidation. Apart from the new faces, which is nice to see these days, existing investors also participated, including Clocktower Ventures (co-lead), Portage Ventures, Vestigo Ventures, Primary Venture Partners, and SilverCircle. For more information on our Peak 65 theses, and our other thoughts on WealthTech over the next five years, see our piece WealthTech Themes for the Next 5 Years .

Alpaca, a self-clearing API infrastructure for embedding stock, fixed income, and crypto trading, announced that they are acquiring WealthKernel, an API-based WealthTech infrastructure company that allows for the creation of WealthTech using a building-block approach. The transaction is being touted as a way for Alpaca to expand into the UK market. That makes sense to us. Apart from the installed base and brand, there are a lot of little things that WealthKernel has already solved for, such as the fact that in the UK they don't have IRA and Roth account types but use tax wrappers called ISAs, SIPPs, etc. instead. And then there are the differing regulatory environments to contend with as well. The acquisition should get them to market a lot faster, cheaper, and with fewer grey hairs. However, there are also some product synergies and compliments. Overall, we feel that the combined product offering is more robust than the two on their own so we are hoping they also integrate their feature sets. In any case, it is nice to see a solid cross-boarder acquisition. At some point, we hope to see WealthTech as a more unified, global market. Perhaps not in my lifetime, but someday. Link to article: https://www.businesswire.com/news/home/20250710149866/en/Alpaca-Enters-UK-and-EU-Market-through-WealthKernel-Acquisition

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.