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Where Is Ethic Headed With Their $29M Series B Round Funding? – Wealth Tech Digest #17

Key takeaways

✅ Where Is Ethic Headed With Their $29M Series B Round Funding?

We start today with news that the tech-driven asset management platform Ethic has closed a $29 million-dollar Series B round. The round was led by Oak HC/FT, with participation from existing investors including Fidelity Investments, Nyca Partners, Sound Ventures, ThirdStream Partners, and others. Ethic’s prior round of funding in 2019 helped the company multiply its assets by more than 10Xs. And since then, the company has emerged as one of the largest independent providers of sustainable direct indexing strategies for wealth advisors. Currently Ethic has more than $760 million dollars in assets. And the new capital will help support this continued growth, as well as fund further investment in their technology platform.Dan Petrozzo is a partner at Oak HC/FT and also the former global head of investment management tech for Goldman Sachs.

According to Petrozzo, it is becoming increasingly clear that the future of asset management is personalized, and that Ethic is leading the charge. And according to Doug Scott, the co-founder and CEO of Ethic, capital markets can be leveraged as a force for good. Scott says that the company is grateful to have backers who share the belief that everyone has a role to play in fostering a more sustainable and equitable future. Ethic’s mission is to help accelerate the transition to sustainable investing. Global events have increased investor awareness and consideration for how their portfolios affect sustainability issues around the globe. With the Ethic platform, advisors can deliver transparent impact reporting and a wide variety of educational tools related to sustainability issues.

✅ How High Did Ajaib’s Series A Extension Climb?

Next today we are going to take a look at the Indonesian investment app Ajaib. Ajaib claims to run the fourth-largest stock brokerage in Indonesia, based on the number of trades. The fintech startup was founded in 2019 and has focused on making stock investing more accessible to first-time investors. The company recently announced the addition of another $65 million to its Series A funding round. That brings the new total to $90 million dollars. Ribbit Capital led the round – with this being the firm’s first investment in Southeast Asia. Other investors in the round include Y Combinator Continuity, ICONIQ Capital, and Bangkok Bank PLC.

According to Catherine Shu at, the funds will be used to expand product development and engineering capabilities. Currently, less than 1 percent of the population in Indonesia own stocks. But Shu says that number is increasing, especially among millennials.

✅ Has The Pandemic Redefined ‘Good Service’ In Wealth Management?

Our final article today comes from wealth-tech-writer Alex Satterfield who says that in 2021, high-quality tech must go hand-in-hand with high-quality service. He urges financial technology companies to give advisors the same level of service that advisors strive to deliver to their clients. According to Satterfield, this creates a positive ripple effect that ends with better outcomes for everyone. When advisors are empowered with high-level service from their tech providers, those advisors then have more time to be present for their clients. And the events of the last year have only served to highlight how important that presence is. During times of stress and uncertainty, advisors need to check in with their investors. Investors want to hear that they matter, that they are in good hands, and that there is a plan to get through any current challenges.

In order for advisors to be emotionally available, it is essential that they not be bogged down trying to solve niche technology issues. Wealthtech providers are encouraged to give their advisory clients integrated tools and a dedicated relationship manager. This relationship manager is essential for helping to smooth out any tech problems quickly and efficiently. Wealthtech providers must also truly understand the ins and outs of what advisors need to do their jobs, says Satterfield. And they also need to know what investors need to better achieve their financial goals. Providing advisors with quality tools AND service enables them to offer that same quality service to their investors and to help humanize the digital wealth tech experience.

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