Fintech platform iCapital has received an undisclosed strategic investment from Bank of America (BofA). The investment expands the firm’s partnership with BofA which started in 2018.

According to iCapital, the investment was at the same $6bn-plus valuation as its $50m financing round in December. Additional terms of the deal were not disclosed.

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Bank of America invested in the firm at the same valuation as iCapital’s last funding round in December 2021. No additional terms of the transaction were disclosed.

The investment will be used by the New York-headquartered firm to enhance the technical capabilities of its global alternative investing solution that supports over $130bn in platform assets.

BofA’s investment is also said to follow iCapital’s acquisition of Bank of America’s alternative investment feeder fund operations In March 2019.

The deal allowed BofA to streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients.

Since its initial agreement with Bank of America, iCapital has expanded its technical capabilities via a number of acquisitions.

It has also launched several new offerings, broadened the menu of investment opportunities offered on its platform, and continued product development since then.

iCapital chairman and CEO Lawrence Calcano said: “We are honored to have the support of Bank of America to further iCapital’s mission to provide financial advisors with a complete alternative investing solution.

“We look forward to continuing to work with the Bank of America team to enhance our platform to best meet the needs of its Merrill and Private Bank advisors seeking a range of alternative investments for their high-net-worth clients.”

Bank of America Specialty Asset Management and Investment Solutions Specialists head of Alternative Investments Nancy Fahmy added: “Deepening our support of iCapital through a strategic investment is emblematic of the success of our collaborative relationship.”