Simon Markets, a US-based wealth management technology developer spun off by investment banking firm Goldman Sachs, has completed the first tranche of a $100m series B round.
The company has not disclosed how much it has raised for the round so far, but growth equity firm WestCap has led the first close, participating alongside unnamed existing investors.
Although the existing backers were not formally revealed, Simon was jointly owned by Goldman Sachs and financial services firms Barclays, Credit Suisse, HSBC, JP Morgan, Prudential and Wells Fargo prior to the round. WestCap partner Kevin Marcus is taking a seat on its board of directors.
Spun off by Goldman Sachs in 2018, Simon provides access to a digital wealth management platform which offers users asset management education on demand as well as real-time data analytics and investment lifecycle management.
The cash will fund product development and international growth in addition to an expansion across the structured investments and annuities space.
Jason Broder, Simon’s CEO, 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.”
