Addepar Builds War Chest to Dominate Aggregation
The data-aggregation startup Addepar has secured $140 million in funding, according to a press release from the firm.
The series D round of funding is the largest by a fintech firm in the second quarter of 2017, Addepar claims. The firm plans to use the money for research and development of an operating system linking data from financial institutions around the world using consistent language, as well as expanding its range of wealth and asset management partners, according to Addepar, which was founded in 2009. As part of the deal, Antonio Gracias of Valor Equity Partners joins Addepar’s board of directors. Valor, along with Harry McPike and 8VC, the venture firm headed by Addepar and Palantir co-founder Joe Lonsdale, co-led the funding round, according to the press release.
Assets on Addepar’s data aggregation platform have grown from $300 billion to $650 billion in less than 18 months.
The firm has been making strategic partnerships aimed at growth, acquiring AltX last month, according to the press release. Addepar’s system currently integrates with several platforms, including Morningstar, Salesforce Financial Services Cloud and iCapital Network, among others.
Its partners in the wealth management space include RIAs, family offices, private banks and wirehouses, Addepar says.