Holding Keys To Future of Wealth Management AI Driven Farther Nabs $15M
AI fueled Wealth management firm Farther gathers $15M in series A as valuation hits $50M.
The asset and wealth management industry is accelerating at an exponential rate. Assuredly, the industry is all set for growth over the next ten years. At this crucial point the wealth management companies have to adopt disruptive approach if they are to survive and prosper. One such startup with its cutting edge technology is Farther which helps people truly manage their wealth with its comprehensive approach.
Wealth management is a growing vertical of fintech market which is estimated to reach $324 billion with an increase in the number of startups- such as Wealthyhood and Flow etc. But now Farther with its central goal of wealth management provides new kinds of dashboards for advisors. And it is the first to combine real-time data from portfolios and from assets, classes and mix it in with machine learning and statistical tools.
Also as per Tech Crunch one of the founders Brad Genser pointed out that new and unique feature has been included-what he calls “cash waterfall” that detects excess cash and allows clients to invest that into new ventures.
Founded in 2019 by Taylor Matthews and Brad Genser- the startup provides tools that are two fold: the one set for advisors to expand their businesses and one for clients to invest in ways that align them with their goals utilizing automation, and artificial intelligence.
Farther recently has also closed a $15 million in Series A round in May that was led by Bessemer Venture Partners ,Khosla Ventures and Mass Mutual Ventures as new investors. Also, joined by existing investors Moneta Venture Capital, Context Ventures and Cota Capital.
With this new capital Farther now has a total investment of $22 million since 2019. And boosts its valuation to $50 million from $20 million, which was where the company raised its funding last year.
This Wealth management platform is bound to grow because of high demand for asset administration. The company has also grown its advisors count to over 20 after starting with six.