fintech - PitchBook

4 downloads 375 Views 2MB Size Report
investors tradable thematic lists of securities to mimic the strategy of global macro funds, as .... to major national m
DECEMBER 2016

FINTECH A N A LYS T RE P OR T

PA R T 3

AS SE T M A N AGEMEN T

Including data from the PitchBook Platform, which tracks more than 33,000 valuations of VC-backed companies.

Contents CREDITS & CONTACT

Analyst Note

3

Overview

4

JOHN GABBERT Founder, CEO

Recent History

4

Market Development & Analysis

Portfolio Theory Concepts

4

Content, Design, Editing & Data

The Millennial Investor

5

Market Applications & Segments

6

Robo-Advisors

6

Retail Investment

7

Alternative Investments

9

PitchBook Data, Inc. ADLE Y BOWDEN Vice President,

E VAN B . MORRIS Analyst NIZAR TARH U NI Senior Analyst G EORG E GAPRINDASHVILI Managing Editor J ENNIFER SAM Senior Graphic Designer

Contact PitchBook pitchbook.com RESE ARCH [email protected]

Private Equity

9

EDITORIAL [email protected]

Real Estate

10

Social Investment Research

11

Institutional Capital Markets & Risk Mgmt.

12

Private Investment & Corporate M&A

13

Deal Flow & Capital Invested

13

Investor Types

15

Top Investors

16

Active & First-time Investor Growth

16

Institutional Involvement & Moving Fwd.

17

Company Profiles

19

SALES [email protected]

COPYRIGHT © 2016 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.

2 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Analyst Note The asset management industry has begun to adapt as millennials begin to represent a substantial portion of investors. Just as boomers ushered in the era of discount brokerages and gen x-ers dabbled in online day-trading, millennials will leave their own mark on how the tens of trillions of dollars in global assets are managed. In this report we examine the technologies and business models positioned to attract millennial investors, as well as the technology tools and platforms asset management firms have used to improve their offerings, as economic and regulatory conditions have placed increased pressure on fees. Banking and financial services have been among the last industries to be disrupted by technology due to substantial regulatory and other barriers to entry, yet the industry continues to carry with it numerous pain points for both consumers and enterprise customers. We believe that the asset management segment within fintech provides numerous attractive opportunities for private investors to generate strong returns as the innovation in the industry will become inducive for all types of buyers. This report was written for professional investors, but holds broad applicability to investors of all stripes. Furthermore, consumers will also derive value as a number of the companies mentioned offer consumer mobile and web-based platforms for investment management.

Evan B. Morris

3 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Overview RECE NT HISTORY

The global asset management industry has custody of $69 trillion in assets, according to Citi, or $87 trillion including insurers, according to the Bank of England. Much of this wealth is currently controlled by the post-WWII baby boomers. As the oldest boomers turn 70, the generation’s wealth is peaking. Baby boomers have witnessed a massive reshaping of the asset management industry over the course of their lives. They inherited a world where expensive stockbrokers touted single-name securities and generated fat commissions competing on high-touch service and quality of research. As recently as the mid-70s, one-way transaction costs exceeded 1%, e.g. a broker would charge

Baby boomers have lived through a rapid decrease in brokerage fees over their lifetimes.

a client over $1,000 to execute a $100,000 buy order, and another $1,000+ fee to exit the position. Brokerage houses would tout expensive research, which promoted an active strategy of buying and selling shares in order to churn portfolios and rack up substantial fees. PORTFOLIO THEORY CONCE PTS

The lack of transparency in the investment industry persisted for decades. Academics were the first to chip away at the monopoly on expertise. The Capital Asset Pricing Model (CAPM) introduced in the 1960s calculated the expected return of an asset given its historical risk. This model divorced a security’s passive return (beta) from the active return (alpha). Burton Malkiel went one step further with his 1973 book A Random Walk Down Wall Street, which introduced the Efficient Market Hypothesis. The theory portends the impossibility of “beating the market” as all price information is immediately reflected in the price

The Efficient Market Hypothesis throws cold water on the idea that an investor can beat the market through skill rather than luck.

of an asset, suggesting that alpha seeking represents a fool’s errand. Finally, in 1975, the SEC unwound the nearly 200-year-old Buttonwood Agreement, which put a floor on brokerage commissions. This change opened the door to discount brokerages like Charles Schwab and later online brokerages like E-Trade. Consequently, baby boomers flooded into mutual funds rather than accounts managed by their personal brokers, as these new regulations drove down fees.

4 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

TH E MILLE N NIAL INVE STOR

Since millennials hold just $1 trillion in wealth, with just $250 billion invested (and hold the bulk of the $1.2 trillion in US student debt), traditional wealth managers continue to fight over high-net-worth baby boomers. This represents a huge opportunity to target younger HENRYs—high earners not rich yet. Millennial investors have shown a strong preference toward passive investing. Having lived through two crashes and a steady upward creep in asset prices in the recent environment, millennials don’t believe in beating the market. These millennial investors are tech savvy and conscious about fees. Thus, a major theme of fintech innovation in the asset management space has been the automated buying and selling with fees charged on an annual basis rather than for each transaction. Further, millennial investors tend to favor ETFs over mutual funds, due to intraday liquidity and lower minimums. ETFs have become popular with boomers as well, having recently surpassed $3 trillion in market cap as an asset class. The primary downside of ETFs is their variable discount or premium to

ETFs offer intraday liquidity and tax

the underlying assets. In some cases this tracking error is due to the

efficiency, yet may trade at a discount or

difficulty of pricing underlying illiquid assets, which may include fixed

premium to the value of the underlying

income, options or other derivatives. This may be more pronounced

assets.

in periods of market dislocation, or when a number of investors rush to sell holdings. However, they have a number of benefits as baskets of securities actively traded during market hours. Mutual funds can be redeemed only at the end of the day for the net asset value (NAV). In some cases, mutual funds may make capital gains distributions when they sell holdings, leaving investors with a large tax bill. A benefit of ETFs remains that investors have agency over when to buy and sell, and thus can control when their capital gains bill comes due. Technology and ETFs have enabled a number of platforms to emerge around the needs of consumers rather than the logistical issues of stock trading. Most importantly, dollar-cost averaging allows platforms to dynamically rebalance holdings according to investors’ allocation preferences. Prior to the advent of electronic trading and order management systems, this process would have been highly labor intensive and unfeasible as each trade order would need to be entered

ETFs have allowed fintech asset management startups to be more

manually. Entire ecosystems have emerged around bringing these

creative with flatter and less expensive

strategies to scale and allowing individuals to pursue their preferred

fee structures.

strategy while allowing asset managers to cut costs. While many of the platforms that have emerged around these technologies have modest AUM compared to the largest asset managers, the increasing shift in assets from baby boomers to millennials should see many of these firms continue to rapidly gain scale.

5 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Market Applications & Segments R O B O - A DV I S O R S

The high fees of the wealth management industry, combined with a trend toward passive investing and the advent of the internet, has created an opportunity for a number of services to spring up, advising billions in assets. Traditional wealth managers have fees around 2% (thanks to high regulatory costs), operate primarily over the phone and offer hightouch services for only the largest accounts. Much of the fee pays for registered advisors and analysts to come up with custom research and portfolios for clients, which may not materially differ from or outperform automated offerings. Main street advisors likely lack the expertise and products of the best active managers and largest institutions. Further, the high spend to maintain a brick-and-mortar business model can take the focus away from a high-quality online user experience for account monitoring. When customer financial affairs are simple, a new breed of webbased “robo-advisors” can allocate funds based on risk tolerance to a pre-determined diversified strategy. This approach has allowed robo-advisors to operate with annual fees below 0.5% of AUM with much lower account minimums. Their lack of brick-and-mortar costs allow them to prioritize online user experience with slick websites and smartphone apps, alongside over-the-phone customer support for those who need it. For taxable accounts, these platforms can leverage the intraday liquidity of ETFs in order to maximize tax efficiency. This can be achieved through tax-loss harvesting, which automatically sells

A new wave of investment advisors

underperforming holdings for a loss while simultaneously buying a

use algorithms, ETFs and mobile apps

comparable ETF in order to maintain the same exposure. This allows the

to manage client portfolios with fees

investor to offset capital gains with realized losses in order to minimize

generally 400 deals in each of the past two full calendar years were making their

Spark Capital

13

first transaction in the space. These sustained strong numbers point to

Y Combinator

12

Anthemis Group

11

500 Startups

9

Union Square Ventures

8

Digital Currency Group

8

Techstars

7

Start-Up Chile

7

Social Leverage

7

Microsoft Accelerator

7

Canaan Partners

7

Bessemer Venture Partners

7

RRE Ventures

6

TPG Capital

6

Startupbootcamp

6

Menlo Ventures

6

Plug and Play

6

Octopus Investments

6

German Startups Group

6

GV

6

Index Ventures

6

Cabiedes & Partners

6

Blockchain Capital

6

Balderton Capital

6

of first-time investor participation in deals. Over 300 investors in the

continued enthusiasm for the subsector.

AC T I V E I N V E S T O R S I N P R I VAT E F I N T E C H : A S S E T M G M T.

461 410 Source: PitchBook *As of 11/22/2016

183 100

2010

313

192

101

2011

2012

2013

2014

2015

2016*

F I R S T-T I M E I N V E S T O R S I N P R I VAT E F I N T E C H : A S S E T M G M T.

322

324

Source: PitchBook *As of 11/22/2016

214

157

Source: PitchBook *As of 11/22/2016

151 73

79

2010

2011

2012

2013

2014

2015

2016*

16 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Institutional Involvement & Moving Forward The shortcomings of traditional asset management have been magnified in recent years. Active managers have underperformed, and high fees have eaten up a larger share of returns in a low-yield world. Even so, the steady increase in global asset prices has made the global asset management industry non zero sum, making legacy players slow to be disrupted by VC-backed upstarts. The massive scale of legacy institutions has given them the clout and assets to derive extensive economies of scale. Furthermore, the nature of the industry makes consumers and institutions less inclined to trust counterparties, vendors and advisors without an extensive track record. However, as boomers begin to draw down retirement accounts and transfer assets to millennial offspring, we may begin to see a rush of assets being transferred to more millennial-centric platforms. Traditional asset managers will have to acquire more fintech tools in order to bolster their offerings. As venture capitalists have poured funds into upstart asset management platforms, institutions have also seen success rolling out their own offerings. Vanguard and Schwab were late to the robo-advice game, yet their offerings each boast greater AUM than all upstart roboadvisors combined. Much of this growth comes from shifting client assets from their existing offerings. At least $10 billion of Vanguard Personal’s $50 billion+ in AUM came via transfers out of its Vanguard Asset Management advisory. Furthermore, there is room for growth as Vanguard has a much higher account minimum ($50,000) compared to other platforms. Existing platforms can use the clout that comes with a long track record and financial resources to outcompete upstarts on

Traditional asset managers will find many

fees and, in some cases, UX. They may also be able to leverage existing

accretive opportunities in acquiring

institutional relationships to offer access to other asset classes such

fintech startups.

as private markets. Ownership of proprietary ETFs also increases the percentage of fees that go to the legacy asset manager compared to startups without the same clout. Since ETF fees make up a sizable percentage of overall revenue from passive management, being able to double dip enables these firms to gain the scale necessary to become profitable since the requisite AUM to break even currently stands in the billions of dollars for many low-cost platforms.

17 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

As investors look out for the future of their portfolio companies in the space, we expect M&A to make up a disproportionate exit route for VC investors. There are several key synergies between a variety of legacy business models in the asset management space and upstart platforms with both consumer and enterprise SaaS offerings. The lean nature of online platforms would allow acquirers to implement these systems and cut costs. On the revenue side, these innovative products and software tools will bring in sticky, younger and/or more tech savvy users

Revenue from asset management tools is highly recurring and can thus be modeled out well into the future.

who represent a recurring source of revenue. Many of these platforms simply lack the scale to reach their full potential, as AUM growth and global expansion comes with headwinds—the greatest being trust and regulatory issues related to jurisdiction. Today we see strategic acquirers pay a premium in order to drive inorganic growth. We see legacy asset managers being able to pay a higher multiple to drive recurring revenue on their massive AUM and further increase their customer retention. Since startups in the asset management space will be relatively more attractive to strategic investors when it comes time to exit, all else being equal, funds that invest in these companies will be positioned to outperform their peers given the higher multiples that we believe strategic investors will be willing to pay.

We hope this report serves as a valuable resource as you continue to explore this nuanced sector. As the industry continues to mature, we’ll keep a close eye on it and provide updates as developments unfold. As always, feel free to reach out with any comments or questions at [email protected].

18 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Select company profiles Robo-advisors Location: Redwood City, CA | Year Founded: 2007 | Capital Raised to Date: $129.9M | First Funding Date: Feb 2007 | First Funding Amount: $150k | Latest Funding Date: October 2014 | Latest Funding Amount: $64.17M | Latest Funding Post- Valuation: $700M |

Description: Founded in 2007, Wealthfront became the first roboadvisor to reach $1B in AUM in 2014. The company offers automated tax-loss harvesting that mimics index funds by buying and selling the individual securities in order to maximize the tax write-off for taxable accounts over $100,000. This can also be done at the asset class level for smaller accounts, as individual ETFs are bought and sold to maximize tax write-offs while maintaining exposures. The company targets millennial investors with a $500 minimum and no fees under $10,000; assets over $10,000 cost 0.25% annually.

Location: New York, NY | Year Founded: 2007 | Capital Raised to Date: $205M First Funding Date: November 2010 | First Funding Amount: $3.0M Latest Funding Date: March 2016 | Latest Funding Amount: $100.0M | Latest Funding Post- Valuation: $700M |

Description: Betterment offers an online investment platform based on behavioral finance techniques around goal setting and risk tolerance. The company also offers tax-loss harvesting and automated rebalancing. Fees stand at 0.35%, 0.25% and 0.15% with account sizes of less than $10,000, greater than $10,000 and greater than $100,000 respectively.

19 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Location: San Carlos, CA | Year Founded: 2009| Capital Raised to Date: $185.53M | First Funding Date: July 2009 | First Funding Amount: $2M | Latest Funding Date: December 2016 | Latest Funding Amount: $75M | Latest Funding Post- Valuation: $500M |

Description: Personal Capital aims to provide a combination of the smart tools and automated strategies of robo-advisors, with dedicated financial advisors. The personal touch comes with slightly higher account minimums at $25,000 and annual fees of 0.89% for accounts less than $1 million, decreasing on a sliding scale to 0.49% for accounts over $10 million.

Location: San Francisco, CA | Year Founded: 2010 | Capital Raised to Date: $21.68M First Funding Date: August 2010 | First Funding Amount: N/A | Latest Funding Date: September 2015 | Latest Funding Amount: $152M | Latest Funding Post- Valuation: $152M |

Description: The company offers an online dashboard analyzing investments holistically across multiple accounts, as well as a premium service that directly manages funds for 0.5% annually. The fee does not include trading commissions and fund expense ratios. The company offers tax-loss harvesting for accounts as small as $20,000. Asset management and ETF provider BlackRock acquired the company in September 2015.

S TA S H I N V E S T Location: New York, NY | Year Founded: 2015 | Capital Raised to Date: $37.25M First Funding Date: February 2016 | First Funding Amount: $3M Latest Funding Date: September 2015 | Latest Funding Amount: $25M | Latest Funding Post- Valuation: $99.28M |

Description: Developers of an automated investment app for smartphones where users can choose from a pre-selected list of 30 ETFs. Individuals can open an account with a deposit as small as $5, and receive automated allocation and investment advice for $1 per month for balances less than $5000 and 0.25% per year for larger accounts.

20 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Location: New York, NY | Year Founded: 2009 | Capital Raised to Date: $1.85M | First Funding Date: October 2013 | First Funding Amount: $100K | Latest Funding Date: May 2014 | Latest Funding Amount: $1.75M |

Description: Operators of an online automated investment platform with no account minimums targeted toward millennials. The company also touts more advanced hedging tools than competitors in order to dampen volatility, including the ability include uncorrelated assets like Bitcoin in client portfolios..

M1 FINANCE Location: Chicago, IL | Year Founded: 2015 | Capital Raised to Date: $9M | First Funding Date: September 2016 | First Funding Amount: $9M |

Description: The Chicago-based two year old company offers an intriguing improvement on both traditional brokers and the large robo-advisors. Investors build accounts around pie chart percentage allocations to specific securities, ETFs or premade baskets. The platform is optimized to act as an automated savings account where additions and withdrawals are automatically rebalanced to the target allocation. Small account sizes are and withdrawals are facilitated by fractional shares, some of which the company holds on its own balance sheet.

Location: London, UK | Year Founded: 2011 | Capital Raised to Date: £68.28M First Funding Date: May 2011 | First Funding Amount: £700k Latest Funding Date: November 2016 | Latest Funding Amount: £30.0M

Description: The London-based company offers retail-focused automated investment management solutions. The platform bases portfolio allocations on investor risk-tolerance and preferences with automatic diversification and rebalancing.

21 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Social Networks OPENFOLIO Location: New York, NY | Year Founded: 2013 | Capital Raised to Date: $1.85M | First Funding Date: November 2013 | First Funding Amount: $1.1M Latest Funding Date: December 2015 | Latest Funding Amount: N/A |

Description: The company offers a platform aimed to bring the open culture of Wall Street trading floors to active individual investors by offering social benchmarks. The company leverages data from connected accounts to provide insights and analytics of investment performance stacking retail traders against their peers.

Location: New York, NY | Year Founded: 2011 | Capital Raised to Date: $8.53M First Funding Date: September 2012 | First Funding Amount: $1.36M| Latest Funding Date: July 2015 | Latest Funding Amount: $6M | Latest Funding Post- Valuation: $36M

Description: The company aims to leverage the wisdom of the crowds by aggregating individual investors’ estimates on over 2,000 stocks. The platform markets itself on data showing it’s user base’s earnings estimates to be more accurate than Wall Street analysts given the larger sample size and freedom from conflict of interest.

Location: New York, NY | Year Founded: 2008 | Capital Raised to Date: N/A |

Description: Alexey Loganchuk founded Upgrade Capital after realizing that students had few opportunities to showcase their achievements in finance with employers. The firm offers a platform for students to share their investing skills and ideas with financial firms regardless of university, GPA or resume. The company has 23 corporate partners including prominent investment banks, hedge funds and fintech startups who use the platform to identify and recruit talent, while students can find mentoring and potential employment opportunities.

22 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

H A R V E S T E XC H A N G E Location: Houston, TX | Year Founded: 2012 | Capital Raised to Date: $9.26M | First Funding Date: January 2013 | First Funding Amount: $1.96M | Latest Funding Date: June 2015 | Latest Funding Amount: $5.07M | Latest Funding Post- Valuation: $20.07M

Description: The company, founded in 2012, offers an online platform and social network for investment firms and individuals to share and access ideas, creating opportunities to target clients and build private communities of investors.

Location: New York, NY | Year Founded: 2008 | Capital Raised to Date: $1.41M | First Funding Amount: $275k | Latest Funding Date: June 2012 | Latest Funding Amount: $1.0M |

Description: A global community for professional buy-side investors founded by Divya Narendra, also the founder of ConnectU, an early social network. The platform allows buy-side employees to post and share ideas, leading to collaboration, professional development and career opportunities.

Retail Portfolio Management Location: San Francisco, CA | Year Founded: 2007 | Capital Raised to Date: $67.05M | First Funding Date: October 2007 | First Funding Amount: $2.5M | Latest Funding Date: May 2016 | Latest Funding Amount: $33.0M | Latest Funding Post- Valuation: $171.78M

Description: The company, founded in 2007, offers managed accounts to investors with a $2,000 investment minimum and a 0.25% annual fee. The platform also syncs with more than 80 brokerages to track your 401(k), IRA and brokerage accounts in one place and provide insights on overexposure, risk and performance.

23 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Location: Rancho Cordova, CA | Year Founded: 2010 | Capital Raised to Date: $126M | First Funding Date: June 2010 | First Funding Amount: $6.0M | Latest Funding Date: January 2015 | Latest Funding Amount: $40M| Latest Funding Post- Valuation: $463.43M

Description: An online investment platform offering thematic baskets of up to 30 securities called “Motifs” as well as individual stocks, ETFs and access to J.P. Morgan-led IPOs. The company also offers automated investing tools via its Motif BLUE platform for a $4.95 monthly fee and no commissions.

ROBINHOOD Location: Palo Alto, CA | Year Founded: 2012 | Capital Raised to Date: $66M | First Funding Date: December 2013 | First Funding Amount: $3.0M | Latest Funding Date: May 2015 | Latest Funding Amount: $50M| Latest Funding Post- Valuation: $250M

Description: The company offers zero-commission brokerage accounts for retail investors. Robinhood makes money by collecting the interest on uninvested cash balances and interest from margin accounts.

Alternative Investments Location: New York, NY | Year Founded: 2014 | Capital Raised to Date: $68.4M | First Funding Date: March 2015 |First Funding Amount: $18.4M | Latest Funding Date: January 2016 | Latest Funding Amount: $50M |

Description: The company offers an online platform providing a transparent and secure way for institutional investors to review and invest in real estate transactions. Cadre serves as an intermediary between investors and developers seeking capital. The platform automates a range of services for investors and asset managers desiring exposure to real estate.

24 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Location: Tygervalley, South Africa | Year Founded: 2010 | Capital Raised to Date: $29.79M | First Funding Date: April 2015 | First Funding Amount: $12.7M | Latest Funding Date: February 2016 | Latest Funding Amount: $13.1M |

Description: Wealth Migrate facilitates cross-border real estate transactions for investors well below the threshold of traditional private real estate investors.

Location: Seattle, WA | Year Founded: 2010 | AUM to Date: $20M |

Description: The company aims to recreate the fundamental of private equity’s early success of using leverage to buy cheap undervalued companies. The emerging manager invests in small-cap companies it identifies as attractive based upon criteria based upon the founders experience at Bain Capital and refined in a thesis at Stanford’s Graduate School of Business.

Capital Markets & Risk management Location: New York, NY | Year Founded: 2014 | Capital Raised to Date: $44.25M | First Funding Date: March 2015 | First Funding Amount: $8.25M | Latest Funding Date: June 2016 | Latest Funding Amount: $36M| Latest Funding Post- Valuation: $116M

Description: The company backed by Peter Thiel and George Soros provides a marketplace for corporate fixed income securities. The platform provides a unique solution offering trading in bursts during short time windows improving liquidity and price transparency.

25 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T

Location: San Francisco, CA | Year Founded: 2016 | Capital Raised to Date: $2.2M* | First Funding Date: November 2014 | *includes funding raised by Sliced Investing and LoGe Solutions, which came together to form STRATiFi in a merger-of-equals in 2016.

Description: utilizing machine learning technology, the company offers analytics and portfolio management tools for investment advisors to utilize options overlays in order to hedge against volatility in client portfolios

Location: Boston, MA | Year Founded: 2011 | Capital Raised to Date: $49.48M | First Funding Date: January 2013 | First Funding Amount: $2.15M | Latest Funding Date: November 2016 | Latest Funding Amount: $25.63M |

Description: The company provides a platform for users to create, test and generate profits from trading algorithms. Through an agreement with backer Point72 Ventures, the family office of Steven A. Cohen will allocate $250 million to invest in user-created algorithms chosen by the company.

Location: Kildare, Ireland | Year Founded: 2012 | Capital Raised to Date: $3.25M | First Funding Date: January 2013 | First Funding Amount: N/A | Latest Funding Date: February 2016 | Latest Funding Amount: $3.25M |

Description: The company offers an automated risk and compliance platform for Hedge Funds, Asset Managers and other financial institutions. Features include intelligent data management, security, and advanced analytics.

26 P I TC H B O O K F I N T E C H A S S E T M A N AG E M E N T