GeoWealth, a modern turnkey asset management program (TAMP) built for advisers, has raised a $19m in Series B funding round led by Kayne Partners Fund.
The firm also secured a follow-on investment from JP Morgan Asset Management, which led its Series A funding in December 2018.
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GeoWealth combines its proprietary, integrated technology with a high-touch outsourced service model, enabling advisors to focus on relationships with clients.
Since 2018, the platform assets have surged more than 300% to $16.7 bn and AUM has increased over 700% to $7.3bn.
GeoWealth will use the fresh capital to expand its product, engineering, and distribution teams.
Kayne Anderson Capital Advisors managing director of growth equity Robert Shilton said: “GeoWealth’s rapid growth is a reflection of its exceptional ability to solve the challenges facing financial advisors today.
“Whether it’s flexible investment solutions, a modern back office, or an elevated client experience, GeoWealth stands apart from legacy providers by combining the best of SaaS and an outsourced investment platform.
“We believe GeoWealth is at the cusp of what could be explosive growth, and Kayne is committed to bringing our firm’s full suite of capabilities and expertise to support GeoWealth in the coming years.”
GeoWealth president Colin Falls said: “It was apparent from our initial meetings with the Kayne team that they were the right partner for our next phase of growth.
“We are excited to immediately deploy this growth capital to pursue our most important strategic priorities: accelerating product development to meet the evolving needs of our clients and expanding our distribution team to ensure that all RIAs have access to GeoWealth.”
Recently, Chilean fintech startup Fintual secured $39m in a new funding round to further accelerate its business operations in Mexico.
