Pave Finance Raises $15 Million in Series A Funding
Pave Finance, a New York-based company specializing in software that allows wealth management firms to create personalized portfolios at scale, has successfully raised $15 million in its Series A funding round. This funding comes as the company, which helps advisors manage portfolios without outsourcing fees, reaches a $100 million pre-money valuation.
Leadership and Background
Pave Finance was co-founded by Peter Corey, who serves as the Chief Market Strategist, and Christopher Ainsworth, the CEO. The leadership team is comprised of individuals with experience from major financial institutions such as Goldman Sachs and Morgan Stanley, as well as tech giants like Google and Apple.
Use of Funds
The newly acquired funds will be directed towards expanding Pave Finance's market-facing organization and enhancing its internal engineering team. The company aims to further develop its technology, which is designed to assist registered investment advisors and wealth management firms in managing portfolios more efficiently.
Platform Capabilities
Pave Finance's platform is utilized by advisors overseeing more than $130 billion in assets across over 300,000 accounts. It provides tools for financial advisors to build, customize, and manage portfolios while automating processes traditionally requiring manual effort. The platform tracks over 50,000 publicly traded securities globally, enabling advisors to tailor portfolios by excluding specific assets or sectors, integrating existing holdings, and considering tax implications.
Business Model
The company generates revenue through SaaS licensing fees, broker-dealer revenue, and investment advisory fees. Its services are delivered through its divisions: Pave Labs, Pave Securities, and Pave Investment Advisors.
Conclusion
With the completion of this funding round, Pave Finance is set to bolster its capabilities and continue its growth trajectory in the realm of wealth management technology.