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Data-driven fintech Tifin valued at $842M in new $109M Series D round – TmZ.NG #Datadriven #fintech #Tifin #valued #842M #109M #Series #TmZ.NG Welcome to TmZ Blog, here is the new story we have for you today:
There’s been talk throughout the venture ecosystem of a funding slowdown, but AI-powered fintech platform Tifin seems to be a clear exception.
The Boulder, Colorado-based startup, which aims to match investors with investments in the wealth and asset management industries, announced today that it has raised a $109 million Series D round, less than a year after its Series C last October. The round brings the company’s valuation to $842 million, nearly doubling the $447 million it was valued at after its Series C.
Investment manager Franklin Templeton and fintech venture firm Motive Partners joined the latest round as new investors, the company says. Existing investors also participated in the round, including private markets advisory firm Hamilton Lane, J.P. Morgan, Morningstar, and Broadridge. Motive Partners’ founder, Rob Heyvaert, will be joining Tifin’s board as part of the raise.
The company completed its Series A through Series D rounds in 18 months, raising ~$204 million total in funding, CEO and founder Vinay Nair told TmZ.NG.
Tifin operates two major divisions — an investment marketplace for consumers called Magnifi, and a B2B arm that works with wealth advisors and enterprises that provide financial services to consumers. Within its divisions, it operates a suite of seven products, some of which are homegrown and some of which came to the platform through acquisition, Nair said.
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Since its Series C, the company acquired Qualis, which is focused on bringing private market investments to retail investors, according to Nair — a growing area of interest among wealth managers seeking to provide their clients with differentiated returns from the public markets. Tifin has also been focused on international expansion, growing its non-U.S. revenue by 2.5x since the last fundraise.
The firm has doubled its staff from 150 last October to 300 people today, illustrative of the company’s rapid growth of late, Nair said. According to Nair, Tifin’s products reach three to four million individuals directly, many of them through its network of about 3,000 financial advisors.
“After this round, we are driving towards profitability,” Nair said. “We are at a stage now, where up to now the focus was almost entirely on top-line growth, and now it’s on both the top line and bottom line.”