Cloud-based?wealth management and investment advisory platform Vestmark has raised $30m from private equity firm Summit Partners to bolster its future growth.
The SaaS business which provides services to financial advisors and institutions will invest?the new capital to sales, marketing, and software development.
The company also plans to explore options for potential acquisitions and expansion in new markets.
Vestmark CEO?John Lunny said, “This funding not only allows Vestmark to continue our growth trajectory but also to explore additional avenues of growth. We will continue to set the standard for financial technology innovation as we advance our offering and address new markets.”
Founded in 2001, Vestmark currently services 1.5 million accounts with an aggregate of $500bn in assets.
“The Vestmark team has done a remarkable job building the wealth management industry’s best-in-class solution,” said Christopher Dean, managing director at Summit’s Boston-based office.
Copyright ? 2016 FINTECH GLOBAL
