Building wealth is a long process and can be complex, but Farther is bringing both technology and consulting to the table to make these types of services more accessible.
Wealth Technology Company Co-founded in 2019 by Taylor Matthews and Brad Jenser, Farther is “a new type of financial institution” for a generation of high-net-worth professionals who are building wealth but want both automation and freedom. Professional.
Prior to that, Mathews was an investment banker and management consultant before becoming CEO of Essmart, a social enterprise company in India, and moving into a leadership role at fintech retirement advisory firm ForUsAll. Meanwhile, Genser, the CTO, is a military veteran who previously led the artificial intelligence team at Goldman Sachs Private Equity.
Drawing on their experience, the pair created Farther to provide tools that serve two purposes: one for advisors to grow their businesses, and one for clients to use automation, artificial intelligence or one of the advisors to invest in a way that aligns with their goals. Consultants will set costs for using the platform.
Wealth management is big business, with many startups coming up with unique approaches. For example, in Indonesia PNA targets the middle class with high-low and no-fee investment services, while Tiffin has both a consumer investment marketplace and one focused on business.
Some new and unique features include what Genser calls a “cash waterfall” that recognizes excess cash and allows customers to put that toward new vehicles. “As an advisor to Goldman, it was something I couldn’t do,” he told TechCrunch.
There are also alternative investments that offer access to investments in private equity and hedge fund portfolios, some as low as $25,000.
In addition to quadrupling its AUM this year to more than $250 million, the firm has grown its advisor count to more than 20 after starting the year with six. Matthews added that they’ve doubled their staff to more than 50, including those consultants, engineers and product team members like Farther.
Remotely closed a $15 million Series A round of funding led by Bessemer Venture Partners and including Khosla Ventures and MassMutual Ventures as new investors. It joins existing investors Moneta Venture Capital, Context Ventures and Kota Capital.
The new capital It will provide a total of $22 million in investments starting in 2019, increasing its valuation from $20 million to $50 million, which is the company’s last year of funding.
Matthews and Jenser plan to deploy the Series A dollars into product development and hire more talent ahead of demand.
“We really came into our own this year in a way that we’re excited about,” Matthews told TechCrunch. “Our growth over the past two quarters, quadrupling our assets under management and closing this investment, is a testament to the great work we’ve done so far, even in this difficult fundraising environment.”