Baltimore in awe as Facet Wealth scores $33m funding
Baltimore-based personal finance platform Facet Wealth has secured $33 million in Series A funding led by private equity firm Warburg Pincus and joined by existing investor Slow Ventures.
The new capital will be used to scale its proprietary technology platform, which offers financial life management.
Like many others, Anders Jones, CEO and co-founder of Facet Wealth, says it is targeting the “often underserved or overlooked by the traditional wealth management industry”.
Facet works by partnering with “industry incumbents to help identify and transition clients who do not fit their ideal profile, which frees them up to focus on growth, increase practice valuation, and undergo generational transitions”.
The firm makes a point that it is different from robo-advisors as it offers financial planning versus “solely managing money”. While quite a few wealthtechs have taken the hybrid or robo-route, Facet Wealth emphasises its human face.
Meanwhile, Warburg Pincus is a busy bunny. It has been an active investor in financial services with current and former investments including The Mutual Fund Store, Financial Engines, Yodlee, Ascentium Capital, Mosaic, and Varo Money.
Back in February, Warburg Pincus bought a 55% share of the lending solutions business of Fiserv.