Wealth.com said Monday that it completed a $30 million Series A funding round led by venture capital firm and Alphabet subsidiary GV (formerly Google Ventures), designed to enhance its artificial intelligence (AI)-enhanced estate planning capabilities.
The investment “underscores the growing significance of combining scalable next-generation technology with the essential human touch that is required for financial planning,” Wealth.com said in a news release.
The funding round included investments from Citi Ventures, Outpost Ventures (an investment platform of Neuberger Berman), 53 Stations and Firebolt Ventures, the latter of which is headed by technology investor Gokul Rajaram.
Wealth.com said the new capital will be deployed for ongoing expansion and product innovation to advance its estate planning platform for financial advisors and wealth management firms.
The firm said the funds will support the enhancement of its technology and integration capabilities and develop new features for advisors and their clients.
“We are on a mission to modernize estate planning through innovative technology,” according to Rafael Loureiro, CEO at Wealth.com.
“Accompanied by this extraordinary group of investors, we’re not only prepared to achieve this vision—we’re already delivering results,” Loureiro said.
“Our platform has streamlined and unlocked access to estate planning for thousands, highlighting the generational change we’re driving in the industry,” he added.
“Half of all personal wealth in the U.S. will change hands over the next two decades,” predicted Elena Sakach, Partner at GV, who is joining the Wealth.com board.
“As we navigate the largest wealth transfer in history, the need and opportunity for estate planning solutions has arguably never been greater,” she said. “Clients naturally turn to their trusted advisors for guidance” and Wealth.com’s “unique approach will make it easier for advisors to deliver on their clients’ holistic planning needs,” she continued.
The funding round was completely shortly after Wealth.com’s recent launch of its Family Office Suite, a collection of estate management tools designed for high net worth and ultra-high net worth clients.
Wealth.com and Integrated Partners said in July they entered into a strategic partnership that is expected to give Integrated advisors access to next-generation estate planning tools and allow for a more holistic view of clients’ increasingly complex financial lives.
Earlier this year, Wealth.com and subscription-based wealthtech firm Facet said they partnered with the goal of enabling Facet financial planners to manage members’ estate planning needs via an easy-to-use, one-stop platform.
Wealth.com is seeing “widespread industry adoption and recognition,” according to the release.
Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
