Simon secures $100m Series B funding to drive growth
New York-based fintech Simon has raised $100 million in a Series B funding round led by growth equity firm WestCap, with additional participation from existing investors.
Originally incubated within Goldman Sachs, Simon launched as an independent company in December 2018 under the shared ownership of a number of financial institutions, including Barclays, HSBC, and JP Morgan.
The fintech provides a digital wealth management platform for financial professionals designed to help them “learn, invest, and discover the impact of risk-managed solutions” to grow their clients’ wealth.
It claims more than 100,000 financial professionals serving $5 trillion in client assets currently use its platform.
CEO Jason Broder says the firm provides “access to markets and products that carry a number of differentiated and value-added characteristics”, adding that the funding will trigger the “next phase” of the company’s growth.
Simon says its funding will be used to expand its core offering across structured investments and annuities, while also driving additional product development and global expansion plans.
As part of the investment, WestCap partner and former Ipreo president and COO Kevin Marcus will join Simon’s board of directors.