IRALOGIX, which develops IRA record keeping technology, has raised $22m in a new funding round.
The capital injection was led by a group of individual financial technology investors represented by Matt Vettel and Nick Cayer. Participation also came from Hybrid Capital, Roan Capital, University Growth Fund, Trog Hawley Capital, Circadian Ventures, Great North Ventures and Riverfront Ventures.
With the funds, IRALOGIX plans to accelerate the development of new platform features, increase its sales efforts and drive an annual growth rate of over 100%.
IRALOGIX empowers financial institutions to customise their IRA offering and compete in all segments of the IRA market. Clients can choose to use their internal investment or advisory capabilities or select from key industry providers.
As part of the funding round, former Peter de Silva TD Ameritrade president will join the IRALOGIX board of directors.
IRALOGIX co-founder and CSO Joe Hipsky said, “We are driving real change throughout the retirement industry for the benefit of our clients and their account holders alike, where everyone wins.
“With these great additions to the team, we can continue to accelerate our current growth in the IRA market and expand our plans to apply the power of our platform to several additional areas that would benefit from modernization.”
Earlier in the year, accounting software developer Ageras recently collected $34m in a funding round.
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