Breaking: Facet Secures $100M Series C
By Alan Soclof
Facet Wealth, the disruptive investment advisory FinTech company, has raised a significant Series C round of $100M, sources confirmed to Just Raised. The funding will further allow the company to revolutionize the financial planning and advice industry.
The round is led by Durable Capital Partners, who has invested in companies like Redfin and Warby Parker. Telesoft Partners and Green Cow Capital Ventures are participating in the Series C, as did previous investor Warburg Pincus.
Historically, the financial advice industry has charged a variable fee for advice and investment management usually based on clients Assets Under Management (AUM). This approach excludes millions of people from financial advice and is extraordinarily profitable, however, ignores the less wealthy.
Facet Wealth has pioneered a new day in the industry by offering a zero dollar asset minimum, fixed fee subscription-based service for a dedicated CFP as well as a managed portfolio. The intuitive and personalized platform offered by Facet has led to massive adoption of consumers- helping the company achieve a “meteoric growth trajectory”- highlighted by a tripling of revenue year over year, working with 10,000 clients in 42 states, and now having raised $165M since 2016.
“Facet is doing something innovative in personal finance,” said Henry Ellenbogen, managing partner and CIO at Durable. “It stands at the forefront of an era in which people will benefit from the use of new technology that results in personalized financial plans suited for their specific needs and aspirations. With a strong team, we believe Facet is well-positioned for sustainable, long-term success.”
The company plans to use the proceeds from the Series C to continue to fuel “top tier trajectory growth” and its proprietary technology, diverse product suite, and masterful client services.
“To the vast majority of consumers, our industry is an inaccessible sea of sameness that traditionally only serves the wealthy. Facet is creating a new era of consumer-centric financial advice, in which generations of people live happier and fuller lives,” says Anders Jones, CEO and Co-Founder of Facet. “Today’s financial advice is poorly designed, and the incentive model many firms use is completely misaligned with people’s needs. We have created a new standard for what financial planning should be and are determined to take the entire industry with us.”
An official press release is expected later this morning.
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