B2B wealthtech startup Centricity announced it has raised $4 million in a funding round led by the Burman family office, Shantanu Agarwal (LNJ Bhilwara group), and Arun Jain (Intellect design arena/founder-Polaris Software Labs) at a valuation of $20 million, according to ETtech report.
Started in 2022 by former Senior Private Bankers, Centricity aims to build a tech solution for a largely unorganised independent financial advisors (IFA) community and former private wealth professionals. The startup offers plug-and-play solutions for “employee to entrepreneur” (E2E) transitions.
“Centricity aims to build a full-stack open-source financial services platform for IFAs, external asset managers (EAMs) & single-family offices (SFOs) to manage investment portfolios. For the first phase, we have a comprehensive invest-tech platform with a full-spectrum investment product marketplace, digital transactional capabilities, and deep portfolio reporting & monitoring capability,” said Manu Awasthy, founder of Centricity.
Centricity plans to use the funds to strengthen teams across technology, investment product, and sales functions and increase brand awareness. It aims to onboard 1,000-1,500 IFAs in the next 24 months with a combined transaction value of at least $1 billion, according to the report.
“Wealth management is an exciting and competitive space. It is encouraging to see experienced professionals from the private wealth management ecosystem identify value gaps on the technology front and build solutions around them. The key here is to understand existing propositions and pain points for both relationship managers and clients, and then work with industry-specific technology teams,” said Saket Burman.
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