US fintech GeoWealth bags $18m investment led by BlackRock
GeoWealth, a US fintech based in Chicago offering wealth management technology for investment advisors and institutional investors, has secured an $18 million growth investment led by global asset manager BlackRock.
GeoWealth raises $18 million
The round saw additional backing from Kayne Anderson Growth Capital, which led GeoWealth’s $19 million Series B funding round in 2021, and fellow existing investor JP Morgan Asset Management.
Founded in 2010, GeoWealth offers a turnkey asset management platform (TAMP) which it claims, as of 31 December 2023, supports over $28 billion in assets across more than 180,000 accounts managed by nearly 200 registered investment advisors (RIAs).
The company says its tech “enables advisors to access a diversified lineup of model portfolios and offload mid-and back-office responsibilities, including performance reporting, billing, portfolio accounting and more”.
GeoWealth states its latest funding will be used to support the “continued development of offerings that enable advisors to meet client demand for access to an increasingly broad range of asset types in a unified account”.
Upcoming product upgrades include improved unified managed account (UMA) capabilities and enhanced features for tax management and alternative investments reporting.
GeoWealth adds to BlackRock’s expanding portfolio of investments in the sector. Earlier this year, the firm led a $47 million funding round in Securitize, a US-based company specialising in the tokenization of assets and traditional securities.
