What is wealthtech?
The words “wealth” and “tech” have come together to give rise to a new generation of financial technology companies that create digital solutions to transform the investment and asset management industry. Wealthtech refers to the use of cutting-edge technologies such as artificial intelligence and Big Data, to provide an alternative to traditional wealth management firms….
TFTStaff
Benepass has closed $2.2m seed round
Benefit card provider Benepass has closed a seed round backed by Y Combinator, Gradient Ventures and Elysium Venture Capital. The new round sees the startup, which is based in New York according to its LinkedIn page, add $2.2m to its coffers. The company is set up to make it easier for employers to bring in…
Partech closes $100m fund to invest in startups shaping a post-coronavirus world
Having previously invested in several FinTech companies, Partech is now aiming to inject even more capital into promising ventures after closing its latest seed fund – Partech Entrepreneur III. It plans to use the new $100m fund to back “companies that demonstrate that they will play a part in shaping a new world post COVID-19,”…
Why Robo-advisers are still in the Stone Age
Robo-advisers have been a major point of discussion in recent years. However, Embark Group CEO Phil Smith believes we’re not even out of the “stone age” of them yet. “There is no such thing as a true robo-adviser in the United Kingdom that is the honest truth,” Phil Smith stated. This is quite the statement…
The challenger bank revolution could come to the Asia-Pacific by 2025
Despite being slow to join the party, the Asia-Pacific challenger bank sector could be up for a massive growth in the next five years. A new report from Backbase and IDC has revealed that 63% of customers are interested in switching from traditional lenders to neobanks within the next five years as 100 new financial…
WealthTech company Avaloq extends Deutsche Bank deal
WealthTech company Avaloq has extended its partnership with Deutsche Bank until the end of 2028. The contract sees Deutsche Bank implement Avaloq’s wealth management technology for its operations in Switzerland, Luxembourg, the UK, Saudi Arabia, Singapore and Hong Kong. Deutsche Bank and Avaloq have been partners since 2013 and has expanded since then. This extension…
WealthTech companies have raised more than $24bn globally since 2014
Over $4.5bn was invested in WealthTech companies during the first nine months of the year Investors poured $24.1bn into WealthTech companies around the world between 2014 and Q3 2019, completing over 1,600 transactions during the period, yielding an average deal size of $15.1m. The WealthTech ecosystem comprises of companies looking to provide digital transformation solutions…
UP Fintech introduces new WealthTech solution Fund Mall to its Tiger Trade platform
Online brokerage firm UP Fintech has announced a new WealthTech solution to provide customers with a one-stop-shop for investing in global mutual funds. Fund Mall has a selection of more than 30 renowned funds covering numerous underlying assets to empower investors to create diversified portfolios tailored to their specific needs. Since launching in 2014, UP…
Envestnet launches new WealthTech suite
WealthTech leader Envestnet has launched a suite of unified managed accounts for advisors working with high-net-worth and ultra-high-net-worth clients. The Strategist UMAs program collects offerings from six top asset managers on the Envestnet platform and can be easily implemented into an advisor’s business and will offer end investors a diverse range of portfolios for various…
WealthTech in India
WealthTech players employ advanced analytics to offer digital solutions to transform traditional wealth management and investment management services. Traditionally, the technical expertise of financial advisors has been the key differentiating factor for wealth managers. However, with improved usage of big data and the emergence of sophisticated AI and ML models in evaluating investment opportunities, optimizing…