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D1 Capital Partners Makes USD150m Investment In Addepar -Wealth Tech Digest #38

Key takeaways

✅ D1 Capital Partners Makes USD150m Investment In Addepar

For our first digest, Addepar has raised a very impressive round of funding from D1 Capital Partners. Because of this Series F financing, Addepar has raised $150 million and now has a pre-money valuation of $2 billion. The funding will be used to further accelerate the company’s rapid growth, allowing it to expand into new geographies and continue to develop its platform. It comes as no surprise that the company, founded in 2009, was founded in the wake of the financial crisis, in a bid to change how finance works. Because of this, the company’s approach pairs an elite technology culture and platform-based approach with a client-centric mindset. So far, Addepar has amassed more than $2.7 trillion in client assets on its platform and serves hundreds of financial institutions across more than 25 countries. Eric Poirier, CEO of Addepar, says that the announcement of this funding round underscores the trajectory and strength of Addepar’s business. In addition, Prateek Bhide, Principal at D1 Capital Partners, says that this investment comes from D1’s mission to back companies that solve large, pressing problems. Last fall, the company launched the Investor Sentiment Index which uses aggregated and anonymised data to surface timely insights. The company has also designed its platform with advisors’ end clients in mind. Looking ahead, the company will continue its aggressive pace of innovation, delivering on an ambitious roadmap with its clients at the centre. When reached to comment, Joe Londsdale, the founder and chairman of the board of Addepar shared his thoughts. He says that he expects Addepar to continue to grow at a high rate for a long time and that he expects the second decade of its operations to be more exciting than the first.

✅ Betterment’s 401(k) Business Partners With Benefits Platform Lumity

Our next digest focuses on Betterment’s new partnership with a modern employee benefits and health insurance marketplace. As of today, Betterment will serve as Lumity’s preferred 401(k) partner, Betterment’s retirement plan and financial wellness tools are now available to their customers. Because of this, Lumity customers will be able to enjoy one of the lowest 401(k) fees in the industry. Additionally, they will receive a discount on their monthly plan participant fee for two years. With this partnership, Lumity is making it simple for employers to find and offer a great 401(k) that lets employees plan for retirement. Kristen Carlisle, General Manager of Betterment for Business recently spoke about this new partnership. She says they are excited to partner with Lumity as they share their commitment to creating modern benefits experiences for fast-growing businesses. Furthermore, she adds that the goals of the two companies are very complementary, focusing on the wellbeing of employees. To add more context to this, a 2020 survey from PWC found that finances are the top source of stress in many employees. These concerns have only deepened during the COVID-19 pandemic as Americans continue to struggle with medical debt. To address these, top-notch retirement planning and health insurance benefits are two areas well worth investing in. Betterment’s 401(k) business has grown at a record pace over the past year as they make retirement planning an incredible experience for Americans. To that end, the momentum for this growth does not seem to be slowing down at all in 2021.

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