Reputed wealth management tech platform Addepar has confirmed its latest Series F funding round of $150 million from D1 Capital Partners. The deal values the company at $2 billion as per streetjournal. The funds will be used for scaling up the presence and growth of the company, foraying into newer locations for the workforce and core business while also continually innovating and developing the innovative Addepar platform.
Founded in 2009 by Joe Lonsdale, Addepar helped enhance the working of the financial space, enabling more optimization and efficiency in the allocation of capital. The company has fused premier technology with customer-friendliness, making it a vital cog in the wheel as far as global financial mechanisms are concerned at the moment. The company has garnered client assets exceeding $2.7 trillion on the platform, catering to 600+ family offices, private banks, registered investment advisors, and big-ticket financial institutions spread throughout 25+ global nations.
The platform enables the processing of millions of accounts on a daily basis, enabling thousands of financial advisors to ensure timely guidance and results for their clientele, while smoothly managing risks throughout multiple asset classes amidst the backdrop of a market-like environment. Addepar has already added more than $15 billion in assets over the last year to its platform in a week’s time while posting its strongest growth year throughout all vital parameters including user engagement, revenue growth, client growth, and retention of clients.
According to the CEO at Addepar, Eric Poirier, the announcement underlines the capabilities and strong position of the business, with its clientele encompassing family offices, MNC banking institutions, financial advisors, RIAs and others. He added that they leverage the platform for the delivery of the best value for their customers. This value can be tapped by Addepar through a better outline or financial picture at each stage or level of the proceedings according to him. Financial sector professionals can thus seamlessly advise their clients on taking decisions that are backed by data and proper information and also in sync with their unique objectives, needs and preferences.
Principal at D1 Capital Partners, Prateek Bhide, stated that D1 looks to support true visionaries and entities that can help in solving big-scale and acute issues. He also added that a top-class platform for wealth management has been built by Addepar which has already serviced leading clients in the industry. He added that Addepar has the scope of quickly growing its platform to tackle a bigger chunk of an estimated $225 trillion in overall investable assets worldwide. The company is currently emphasizing on innovating on its investment management and financial advice related solutions. Addepar introduced its Marketplace in 2020 which helps in unifying and streamlining access towards private company shares, while giving investment opportunities in hedge funds, venture capital, private equity, real estate, and more such categories.
The company also unveiled its Investor Sentiment Index sometime earlier that taps into data from 10,000+ portfolios with at least $10 million each for offering insights that were previously considered impossible to attain. RCL was acquired this January and Navigator was then launched for enabling better codification of liquidity, cash flows, pacing models, and tax projections for clients.