Vise has announced that it has raised $65 million from a Series C funding round. Ribbit Capital led the funding round.
In an official press release, Vise, a New York based platform for investment management, stated that besides Ribbit Capital, other investors who had also participated include Sequoia Capital, an already existing investor. Vise has accumulated over $125 million from different funding rounds since 2016.
The company has stated it was planning to use some funds raised in the round to add to its human resources. Besides, the firm is also planning to use the newly acquired funds to launch new product features in months to come.
Exploring AI for Investment Management
Vise uses Artificial Intelligence to develop an investment management platform that financial consultants can use. The firm was created in 2016, and it has been doing quite well. After its Series B funding round that ended in December 2020, Vise has been on a growth streak.
The co-founder and CEO of the firm spoke about the latest funding round, saying, “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. 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 also recognized its growing financial performance to date. The total assets under management for the firm had grown to reach $250 million, while the total number of clients on the platform increased by over 100% compared to December last year.
Funding rounds
The fintech has increased its valuation over the years following several funding rounds. In May last year, the company raised $14.5 million in a Series A funding round that Sequoia Capital spearheaded.
The managing partner of Ribbit Capital, Micky Malta, stated that the company was perfectly suited to change the future of investment management. Ribbit Capital was also excited to work together with the team at Vise to empower financial advisors using the right technologies and tools.
Vise is also planning to expand its leadership at the executive level to help steer its growth. This follows the appointment of Andrew Fong as the new Chief Technology Officer at Vise. Fong previously worked at Dropbox as the Vice President of Infrastructure Engineering.