WestCap Group, a personal fairness agency, has reportedly invested $40 million into Addepar, a Fintech wealth administration platform.
Laurence Tosi, founder and managing associate at WestCap, who has been a member of Addepar’s board of administrators for the previous two years, led the funding deal. Scott Ganeles, senior associate at WestCap, additionally helped finalize the transaction.
Tosi and Ganeles are longtime enterprise companions. They’re additionally the co-founders of Ipreo, a capital markets Fintech resolution supplier. Tosi has expertise serving because the chief monetary officer at Airbnb and is listed as a significant investor in that firm.
Eric Poirier, chief government at Addepar, revealed that Addepar would use the capital raised to make strategic investments in analysis and improvement (R&D) initiatives, penetrate new markets, and develop the Fintech agency’s analytics and aggregation companies, which presently has over $1.7 trillion in property beneath administration (AUM).
Addepar serves over 400 corporations, which embody licensed funding advisors catering to high-net-worth people (or HNWIs with property of not less than $1 million), ultra-high-net-worth people (or UHNWs with property of not less than $30 million), and plenty of household workplaces.
In June 2017, Addepar had secured $140 million via its Collection D funding spherical, which was led by Valor Fairness Companions, 8VC and funding supervisor Harald McPike.
Notable shoppers that use Addepar embody Morgan Stanley, which revealed in 2017 that 20 of its monetary advisor groups would combine the wealth administration agency’s platform. Monetary companies suppliers Jeffries, Iconiq Capital, which manages property of former Zynga CEO Mark Pincus and Fb’s Mark Zuckerberg, additionally reportedly use Addepar’s companies.