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North America News

⭐ 🇺🇸 Data-Driven Fintech Tifin Valued At $842MM In New $109MM Series D Round - TechCrunch, May 12, Colorado

TIFIN aims to bridge the gap among retail investors, their trusted intermediaries, and investment managers through several wealthtech applications — (1) a Marketplace for Self-directed Investors and Advisors, (2) a Digital Platform of Investor Communities, (3) Personalized Advice and Planning, and (4) a Digital Distribution and Insights Engine for Wealth and Investment Managers. The $109 million round is significant, considering the funding slowdown and devaluaton across markets. The company is also new to us and we wonder how they compete with the existing dominant wealth platforms — especially in wanting to build so much — which are likely less expensive on a revenue basis. There's lots to say about AI and personalization, but only if it works as distribution or investment recommendation.

⭐ 🇺🇸 SC&C's Black Diamond Wealth Platform Reaches $2 Trillion AUM - Yahoo Finance, May 18, Connecticut

Black Diamond Wealth Platform | Client Experience & Communications

Black Diamond reached a $2 trillion in assets on its platform, representing almost 1,900 firms. The go-to-market motion is to power an ecosystem of select integration partners who provide seamlessly connected solutions in financial planning, CRM, risk analytics, and access to traditional, alternative, and insurance investment platforms.

🇧🇸 Sam Bankman-Fried Buys 7.6% Stake In Robinhood - Decrypt, May 13, Nassau

🇺🇸 Ally Invest Launches Wealth Management Advisory Service - PR Newswire, May 18, North Carolina

🇨🇦 CI Global Asset Management Advances Technology Toolkit With CapIntel - Businesswire, May 16, Toronto

🇺🇸 Fidelity's Strategy To Own The Financial Advice Business By Owning 'A Crazy Lot Of People' Is Heading For 28,000 Hires In Two Years - RIABiz, May 12, Massachusetts

EMEA News

⭐ 🇬🇧 Revolut CEO Nik Storonsky To Launch New VC Fund That Will “Disrupt” The Venture World - Altfi, May 17, London

Nik Storonsky, the founder of Revolut, is launching a $200MM fund called Quantum Light Capital. Storonsky is seeking to differentiate Quantum Light from other VCs by using technology and systematic strategies to identify companies to invest in. The interesting bit is the idea of building a quant private equity investment manager. The other interesting bit is that you can sell enough startup equity on secondary to launch this type of fund.

🇬🇧 Activist Elliott Increases Stake In UK Wealth Manager Brewin Dolphin - Reuters, May 13, London

🇬🇧 Moneybox Smashes £6.25MM Crowdfunding Round Ahead Of Crypto Launch - Altfi, May 16, London

🇬🇧 FNZ Invests In Sustainable Finance Outfit GIST - Finextra, May 17, London

🇬🇧 Grayscale To Launch Digital Assets ETF In UK, Italy, Germany - Reuters, May 16, London

🇬🇧 Move-To-Earn Tech Firm Sweatcoin Hits 80 Million Users - Altfi, May 12, London

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Asia Pacific News

⭐ 🇮🇳 Walmart-Backed PhonePe Set To Acquire WealthDesk, OpenQ For $75 Million - The Economic Times, May 18, Bengaluru

PhonePe will acquire WealthDesk for $50 million, and OpenQ for $25 million. WealthDesk is an investment technology platform that covers the asset management and advisory value chain from portfolio creation on top of equities and ETFs, to creating WealthBaskets for retail investors. OpenQ offers investors with thematic-based investments, trading baskets and investment analytics services. Expanding and diversifying offerings into the wealth management space appears to be a theme across Indian Fintech firms (e.g. Cred looking to acquire Amazon-backed Smallcase).

🇸🇬 Syfe Accelerates Asia Expansion Plan, Launches In Hong Kong - Yahoo Finance, May 17, Singapore

🇮🇳 Broking Firm BP Wealth Launches Its B2C Retail Offering 'Stoxbox,' India's First Subscription-Based Retail Brokerage App - PR Newswire, May 16, Mumbai

🇦🇺 Australia-Based Financial Planning Software Lumiant Debuts In U.S. - RIAIntel, May 17, Sydney

Blogs, Webinars, Podcasts

⭐🇺🇸 Envestnet Wraps Advisor Summit, Announces Truelytics Deal - Wealth Management, May 13, Pennsylvania

Envestnet’s announced an acquisition of Truelytics, a platform for analysing the business and recruiting side of advisory and insurance firms, which has raised $4MM in funding prior to its acquisition. In addition to the acquisition, Envestnet announced the launch of its cloud-based Wealth Data Platform, a business and client data intelligence suite for wealth advisory firms as well as a revamped trading platform.

🇨🇦 Ahead Of New App Rollout, Harbourfront Wealth Management Earns Highest Number Of Nominations In Canadian Industry Awards Program - Financial Post, May 16, Vancouver

🇺🇸 Wealth Tech Trends: From Engagement And Adoption To Barriers And Opportunities - InvestmentNews, May 17, New York

🇦🇺 User Conversations Matter With Wealth Apps - Money Management, May 17, Sydney

🇦🇺 ‘Greatest Challenge’ For Wealth Service Providers Engaging With Young Investors Revealed - Independent Financial Adviser, May 17, Sydney

🇸🇬 Interview: Singapore-Based Robo-Advisory Firm StashAway Eyes MENA Expansion - Zawya, May 17, Singapore

Events & Reports

🇬🇧 Super Connect Series Showcase (FinTech) - Empact Ventures, May 26, Virtual

🇹🇷 IFINTECH SUMMIT - Mustafa Kugu, May 25, Virtual

🌍 Fintech, Crypto, NFTs And Blockchain - Immerse Global Summit, May 26, Virtual

🇺🇸 FinTech Venture Fair - KiwiTech, May 25-26, Virtual

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