Vise Raises $65 million in Series C; to push new product features and scaling
Vise, the AI-powered platform for financial advisors, has announced that it has raised $65 million in Series C of funding led by Ribbit Capital.
It had completed its Series B funding in December 2020 and with this new round of funding, the total raised capital since founding is $125 million. The assets under management have more than quadrupled over the last few months and this new funding would be used to introduce additional product features and upgrades.
“In 2020, we successfully focused on strengthening our foundation, and now in 2021 we are focused on scaling Vise to make it an even more valuable platform for advisors and their clients,” said Samir Vasavada, Co-Founder and CEO of Vise. “In the past year our assets under management have grown by more than 60x and we’ve seen incredibly strong demand from advisors. Put simply, this funding will allow us to make even bigger investments faster.”
The company was started in 2016 and it gives tools and features for financial advisors to grow their business and also helps its users to achieve its goals. The users and advisors would be able to create their own portfolios and would also be able to automate their investment strategy which greatly helps them to achieve their targets.
Vise has also announced the appointment of Andrew Fong as Chief Technology Officer. Fong was former Vice President of Infrastructure Engineering at Dropbox. Vise has also hired Dave Twardowski as Vice President and Head of Investment Strategy.
“Vise’s rapid growth is a reflection of the progress the team has made over the past year in advancing its technology and building a truly world-class team,” said Shaun Maguire, Partner at Sequoia and Vise board member. “Since we first partnered with Vise at the seed, the company is in an even stronger position to benefit from powerful tailwinds in the industry. We couldn’t be more excited to be further deepening our partnership with Samir, Runik and team.”
With financial advisors looking to get as much help as they can with data and investment strategies and management, it is up to platforms like Vise to provide them with the tools that they need so that they would be able to focus on their systems and strategies and can manage their clients easier.
The pandemic had caused a slight dent in the business of financial firms but with the pandemic receding, the platforms would be expected to come out stronger in terms of technology and innovation so that they can continue their growth.