SIMON Markets raises $100m for digital wealth management platform

SIMON Markets, a US-based fintech company that was spun out by Goldman Sachs in late 2018, has raised $100 million in a Series B funding round for its digital wealth management platform.

The Series B funding round was led by growth equity firm WestCap. Existing investors of SIMON Markets also took part in the financing round.

Kevin Marcus — Partner of WestCap said: “We are excited to partner with SIMON’s visionary leadership team as they are successfully reimagining how wealth management should work.

“The strength of their technology and the experience they’ve built is positioning SIMON as a preferred fintech platform for financial advisors. SIMON offers powerful and differentiated fintech solutions that provide immense growth and scalability opportunities while driving democratization of these product segments, and we’re excited to help.”

SIMON Markets raises $100m in Series B round for digital wealth management platform. Photo courtesy of PublicDomainPictures from Pixabay.

The company’s platform is said to offer an end-to-end digital suite of tools to more than 100,000 financial professionals, who serve $5 trillion in client assets. The platform empowers them with on-demand education, a marketplace, real-time analytics, as well as lifecycle management.

SIMON Markets technology optimizes the work of financial professionals, allowing them to explore alternative investment solutions and come up with historical impediments with its intuitive and easy-to-use platform.

The company will use the proceeds from the funding round to advance its core offering further in structured investments and annuities. Besides, the New York-based company will use the capital for bringing in additional growth initiatives focused on product and geographic expansion.

Jason Broder — CEO of SIMON Markets said: “Through our seamless user experience, SIMON provides financial professionals and their clients access to markets and products that carry a number of differentiated and value-added characteristics, and this funding will only help further our mission.

“By combining WestCap’s experience and expertise, along with SIMON’s strength in innovative wealth management technology, we have successfully embarked on the next phase of widening the spectrum of financial opportunities for investors.”