Digital wealth management platform Vanare has raised $20m in a Series A round.
The financing comes in the form of a strategic investment by WisdomTree Investments.
The funding coincides with the company’s name change to AdvisorEngine to better underscore its aim to empower advisors using technology.
AdvisorEngine’s platform is designed to integrate online and traditional wealth management processes and workflows to help advisors build deeper relationships with their clients.
This includes tools for advanced client prospecting tools, online client onboarding, institutional grade analytics, trading, performance reporting and billing.
The New York-headquartered company will also enter into a strategic partnership with WisdomTree to offer its asset allocation models through AdvisorEngine’s platform.
WisdomTree will also introduce the company’s platform to its distribution network.
Jonathan Steinberg, WisdomTree CEO and President, said, “The end-investor experience is being revolutionised by new technologies and new investment products like ETFs.
“Forward-thinking financial institutions have an opportunity to thrive in this changing environment. AdvisorEngine’s expertise in B2B digital advice makes it a natural choice for these firms.”
The company says it will use the new funding to fill strategic staff positions that will support the continued development and expansion of the wealth management platform.
The round brings the total raised by AdvisorEngine to just short of $27m with it previously taking on a series of venture and debt rounds.
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