Wealthtech start-up Alpheya receives investment from BNY Mellon and Lunate
US banking giant BNY Mellon and Lunate, an alternative investment management firm, are making a $300 million investment in new wealthtech start-up Alpheya.
Alpheya receives $300m capital commitment from Lunate and BNY Mellon
Based in the Abu Dhabi Global Market (ADGM), UAE, Alpheya aims to build a customised wealth management technology platform for wealth and asset managers based in the Middle East and North Africa (MENA) region, with plans to begin operations in 2024.
Alpheya believes there is a “growing demand” in the region for an end-to-end digital solution, and the start-up will aim to provide services including client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting and analytics.
It adds that by leveraging open data architecture, its platform will be able to meet the data privacy and localised requirements of each market in the region.
“The creation of a wealth technology solution that provides digital tools and software solutions in one integrated platform and is customised for the Middle East, will greatly enhance the ability of regional wealth managers to grow in a scalable and client-centric way,” says Roger Rouhana, CEO of Alpheya.
Akash Shah, chief growth officer, BNY Mellon, adds that Alpheya will leverage BNY Mellon’s “deep expertise” in providing clients with digital wealth management solutions, utilise its network, and data management capabilities.
Alongside the investment, BNY Mellon also holds a minority share in Alpheya.
