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Morningstar has announced its agreement to acquire the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million, a deal that will elevate Morningstar’s standing among global index providers. CRSP is a respected name in the indexing industry, known for its comprehensive historical stock market data and widely used benchmarks. Today, CRSP indices serve as the foundation for more than $3 trillion in investment funds, most prominently the Vanguard Total Stock Market Index Fund, which manages roughly $2 trillion in assets. Vanguard’s decision over a decade ago to shift from larger index brands to CRSP’s lower-cost alternatives gave the firm significant scale and influence. For Morningstar, traditionally recognized for its mutual fund ratings and investment analysis, the acquisition represents a major strategic step in broadening its business beyond research. It follows recent expansions into areas such as private markets, ESG research, and credit ratings. By incorporating CRSP’s indexing methodologies and trusted data processes, Morningstar aims to deliver a more complete suite of tools to asset managers, advisors, and platforms. For wealth management professionals, the deal highlights the growing importance of cost-efficient, data-driven benchmarks in supporting investment decisions and long-term client outcomes. Knote------- Everyone seems to be focused on the indexing here, and I believe that is one of Morningstar's goals. CRSP is a major index provider, but not as major as $3 trillion might suggest because most of that is just one client, Vanguard. Still, it gives them a good base and they do have a good brand, so if they can manage to muzzle their pricing policies a bit, they could win people over. But, even without the index angle, I will point out that just being able to pull quality mutual fund, ETF, and equity data all in one API call is pretty compelling and now hopefully imminent. I've used CRSP data in the past and it is an absolute pleasure to work with. It is, in my opinion, the cleanest data set out there. It does an excellent job where other providers sometimes stumble: history back to 1926, cleanest historical total return indexes out there (necessary for any sort of real historical analysis or index building), and the most extensive data on dead companies (you can't build an index without this or it will have survivor bias). The only problem is that it is narrow and only really focuses on US stocks. This may not matter much to Morningstar at the moment given their heavy US footprint, but it would be nice to see them compliment it with something like Compustat. I'm not going to get my hopes up about that since it is owned by S&P. Link to article

ZILO, a London-based provider of asset and wealth management software, has raised $27 million in a Series A2 funding round led by Portage, with participation from State Street, existing shareholders, and management. This follows a £25 million Series A in January 2024, and will support ZILO’s global expansion, entry into new markets, and launch of AI-powered tools for asset and wealth management.    Founded in 2020, ZILO develops cloud-based platforms that replace legacy transfer agency and administration systems. Its flagship solution, ZILO Global Core, enables real-time digital operations across traditional and digital assets. Since going live in 2023, the platform has been adopted by two of the world’s top five custodians and a leading asset manager. Fidelity and State Street are two notable clients who also show up on the cap table, with Fidelity participating in 2024, and State Street joining in 2025.    For advisors, platforms, and integrators, this funding highlights institutional demand for scalable, modern infrastructure.

Finary, a Paris-based Personal Financial Management platform founded in 2021 by Mounir Laggoune and Julien Blancher, has raised €25 million in a Series B funding round to support its expansion across Europe. The round was led by PayPal Ventures, with returning investors including Y Combinator, Speedinvest, LocalGlobe and Kima Ventures, as well as angel participation from Wise CTO Harsh Sinha and former UBS chairman Axel Weber. Finary’s platform aggregates investments across multiple asset classes, offering users tools for savings, brokerage, retirement, cryptocurrency, and more, with a premium service called Finary One for clients with at least €500,000 in investable assets. It has also introduced a life insurance product in collaboration with BlackRock and Generali. For advisors, platforms, and integrators this development is relevant because it demonstrates growing demand for unified, cross-asset wealth management solutions that combine regulatory compliance and breadth of product offerings. As Finary scales its product toolbox and enters more European markets, incumbents may face pressure to deepen their own capabilities, while system providers and integrators may find partnership or infrastructure opportunities to support this evolving landscape. https://techfundingnews.com/finary-secures-e25m-to-redefine-wealth-management-with-ai/ Knote----- We are seeing a renewed interest in personal finance apps as people increasingly want to control their entire financial lives using only their thumbs. These are not the same, sleepy budgeting apps we saw back in the day. They are connected and offer banking, bill pay, investing, trading, and Finary even offers insurance. Watch India particularly closely in this regard.

We are delighted to announce that Tangia Zheng has joined WealthTech Strategy Partners in a Fall Internship role to support our Deal Execution team.    Tangia is studying Finance at Colorado State University and is expected to graduate in Spring 2026. She brings a strong foundation of experience to our team, having previously interned at EXIM Bank in Washington, D.C., where she gained valuable exposure to international finance operations and governmental processes. She also spent time at Marcus & Millichap as an Investment Sales Intern, where she developed insight into real estate transactions, property valuation, and deal structuring.     In addition to her professional experience, Tangia has demonstrated leadership and financial expertise as the Director of Finance for CSU’s Student Government, where she managed budgets, oversaw financial reporting, and played a key role in funding decisions for student-led initiatives.    Her combined academic training, leadership experience, and exposure to both institutional finance and real estate investment have prepared her well for the fast-paced, detail-oriented environment of deal execution. Tangia’s initiative, precision, and collaborative mindset will make her a valuable addition to our team as we continue to grow and support our clients.    We are grateful and excited to have Tangia on board and look forward to all she will accomplish this fall!

We are excited to welcome Aidan Cartlidge to our Fall Internship Program with the Deal Execution Team at WealthTech Strategy Partners!    Aidan is a student at Colorado State University, pursuing a degree in Financial Planning & Business Analytics, with an expected graduation in December 2026. Through his coursework, he has developed skills in financial modeling, data analysis, risk assessment, and strategic business planning—preparing him well for supporting our deal execution efforts.    Beyond the classroom, Aidan is an active member of the university’s Club Soccer Team, a role that reflects his teamwork, discipline, and competitive spirit.    Outside of academics, Aidan is deeply passionate about physical fitness and endurance sports. He has completed multiple half and full marathons and is preparing to complete his first Half-Ironman in the coming year. His dedication to challenging himself, pushing past personal limits, and maintaining consistency embodies the kind of mindset we value at WealthTech.    We’re confident that Aidan’s strong analytical mindset, competitive energy, and commitment to perseverance will make him a tremendous asset to our team this Fall.    Please join us in welcoming Aidan—we’re thrilled to have him onboard and look forward to his contributions!

We are delighted to announce that Ashton Yates has joined WealthTech Strategy Partners in a Fall Internship role supporting our Deal Execution team.    Ashton is currently a student at Colorado State University, where he is pursuing a degree in Finance and on track to graduate in December 2026. During his time in school, he has demonstrated strong analytical skills through coursework in financial modeling, investment analysis, and corporate finance. He is passionate about understanding how markets and technology intersect and has worked on team projects evaluating strategic opportunities and performing valuation analyses.    Outside his academics, Ashton is an avid golfer and enjoys staying fit through working out regularly. He’s also involved in the Wall Street Rams Investment Club as President, where he has honed his teamwork, communication, and leadership abilities. In preparation for a career in finance, Ashton has already passed his Securities Industry Essentials (SIE) exam.   We’re especially excited about the energy and fresh perspective Ashton brings to our deal execution efforts; his willingness to ask thoughtful questions, roll up his sleeves, and learn will be a tremendous asset.    Join us in giving a warm welcome to Ashton—we’re excited to see all he will accomplish in his time with us this Fall!

INTERVIEW WITH THE WEALTH MOSAIC: QUICK SUMMARY: The WealthTech market is entering a pivotal stage marked by both significant opportunity and mounting pressure. On the opportunity side, adviser enablement is increasingly critical, as consolidation among RIAs and broker-dealers drives demand for platforms that boost productivity and scale. The industry-wide shift toward holistic, fee-based advisory models also fuels the need for flexible, integrated tech stacks capable of supporting comprehensive planning. At the same time, AI and data infrastructure are emerging as transformative forces, offering firms that invest early a path to true differentiation and long-term competitive advantage. Yet challenges are intensifying. The current funding environment has shortened runways for many early-stage firms, with capital providers prioritizing liquidity and more mature businesses. Differentiation is also harder to achieve in a crowded market, requiring vertical specialization, deeper features, or strong ecosystem partnerships. Finally, integration hurdles—legacy systems and fragmented data—continue to impede innovation. The winners will balance scale, technology, and adaptability. Read the whole interview here: The Wealth Mosaic link

Marloo, an Auckland-based WealthTech selling AI-enabled workflow software into UK/ANZAC advisor market, has secured US$2.7 million in pre-seed funding, led by Blackbird Ventures and supported by prominent fintech figures including Revolut’s Chief Legal Officer Tom Hambrett and former Adyen COO Sam Halse. Experiencing 45% month-on-month growth, Marloo is tackling outdated software that still burdens financial advisers by automating routine tasks such as note-taking, document drafting, and personalized client communications. Its platform includes AI-driven meeting templates, a searchable archive tool called “Ask Marloo,” and secure collaboration features, all designed with compliance to SOC 2 Type 2 and GDPR standards. Co-founder and CEO Hardy Michel describes the company’s mission as creating “the number one adviser AI assistant” that is simple, intuitive, and valued for its design. With competitors like FNZ’s Advisor AI, Cognicor, Finmate, Saturn, and Obsidian already active in the space, Marloo plans to use the new capital to accelerate product development and expand its global reach. Link to Article

Yesterday, SigFig announced a major rebrand to Tandems.ai , marking a sharp pivot from its early identity as a robo-advisor to a provider of an AI-native wealth operating system designed for financial institutions. This evolution reflects both industry trends and SigFig’s long-term strategy: moving beyond direct-to-consumer robo models toward enterprise-grade, AI-driven infrastructure that streamlines advisor workflows and scales personalized advice. The new platform integrates AI into the daily operations of advisors, automating tasks such as scheduling, meeting prep, document processing, and client outreach. The goal is to free up capacity for relationship-building while also solving advisor productivity challenges and enhancing client experiences. At its core are three product lines: TandemsMeet  – Automates meeting preparation, generates actionable insights, and supports follow-ups, ensuring each client interaction is more effective. TandemsGrow  – Drives business development through intelligent nudges, scalable personalization, and proactive client engagement to help advisors expand wallet share. TandemsInvest  – Provides real-time portfolio rebalancing, tax optimization, and custom investment strategies with institutional-grade rigor. With over $60 billion in AUA across 6,000 advisors already supported, Tandems emphasizes its vertical AI expertise, highlighting more than 200 domain-specific use cases and the ability to deploy within 30 days under enterprise-grade security. Observers see this repositioning as aligning Tandems with platforms like Orion and Advyzon, preparing the company for scale and a long-anticipated exit for its investors. K Note------- I'm not sure if this is a pivot or a pirouette. It seems like an age since the days of the old Robo Wars. And this industry continues to evolve at warp speed, which is one of the reasons we love our little corner of the world! Link to Article

Pave Finance, a New York–based WealthTech specializing in portfolio management software, announced the close of a $14 million oversubscribed seed round, exceeding its initial $10 million target. The financing will accelerate the commercial rollout of its AI-powered, institutional-grade wealth management platform, which is designed to bring sophisticated quantitative tools—once reserved for hedge funds and asset managers—directly to financial advisors and their clients. Pave’s platform integrates machine learning, predictive analytics, and direct trading capabilities to deliver customized portfolios tailored to individual client goals. Its approach combines alpha scoring, optimization, and automated execution, enabling advisors to manage client portfolios with a level of precision previously available only to large institutions. According to back-tested data, its strategies have outperformed the S&P 500 by 285 basis points annually over the past 15 years, showcasing its potential to add meaningful value to client outcomes. The company has already integrated with major custodians, allowing seamless adoption by advisory firms. Today, Pave’s technology supports advisors managing more than 60,000 client accounts representing $18 billion in assets, so they are still early in their journey, but the funding is a vote of confidence. With the new capital, Pave aims to expand its engineering and client-success teams, deepen product innovation, and continue democratizing access to high-quality, AI-driven investment management. Link to Post

iCapital has made a strategic investment in Tangible Markets, deepening its commitment to solving the liquidity challenges of private markets. Through this partnership, Tangible’s technology for facilitating secondary transactions—including periodic auctions, qualified matching services, and NAV-based lending—will be integrated into the iCapital platform by late 2025. This development will provide wealth managers, asset managers, and institutional investors with new ways to rebalance portfolios and unlock liquidity across private equity, private credit, real assets, and hedge funds. The collaboration is designed to bring greater efficiency, transparency, and speed to a historically fragmented secondary market, where liquidity has long been a constraint for investors in alternatives. By combining iCapital’s large-scale distribution network with Tangible’s market infrastructure, the initiative aims to create a seamless marketplace for both buyers and sellers. For advisors and institutions, this integration means improved flexibility in portfolio construction, better liquidity planning, and the ability to more effectively manage client needs. Ultimately, the move underscores iCapital’s desire to be a key infrastructure provider for alternative investments, expanding its technology stack beyond access and administration into liquidity solutions—an increasingly vital component of the private markets ecosystem. KNote: iCapital did try this before with NASDAQ but it fell through. Perhaps persistence will pay off this time around. It certainly feels to me like now is the time. The landscape is rapidly evolving and has changed significantly even over the last 6 months. And, given that NASDAQ is out and Tangible, a company that had not even raised any institutional capital, is in tells us a lot about the opportunity set for early stage WealthTech companies in this space. Link to article

Dispatch ( Dispatch.io , not Dispatchit.com ), a WealthTech data orchestration firm, raised $18m in Series A funding, bringing total capital to $30m. The round, led by Brewer Lane Ventures with backing from major insurance venture arms and existing investors, will accelerate AI-driven workflows and automation. Dispatch’s platform eliminates manual data tasks, streamlines onboarding, and reconciles client information across systems, enabling accurate AI insights. Adopted by Mariner, Sanctuary Wealth, and Choreo (over $1trn AUA), it has reduced errors by 90%+ and saved firms thousands of hours. With bi-directional integrations and a proprietary custodial Form Builder, Dispatch is positioning itself as the data backbone of modern advisory tech stacks. K Note: We all live the data problem. Ideally, every RIA would have their own single, unified client database and all external vendors would use that database directly without duplicating it into their own data silos first. Unfortunately, we believe this could only happen under a very narrow set of circumstances -- something akin to a dystopian, post-apocalyptic world where the government executes people for storing client data on their own servers. Until then, we have companies like Dispatch. And if you don't believe me, just take a look at that investor roster. It's about as close as we get in WealthTech to a Beatles reunion. Congratulations Rob Nance and team! Link to article