Paris-based wealth administration FinTech RockFi has raised $19 million in new funding.
The corporate says its Collection A spherical, introduced Monday (March 24), will assist it pursue its aim of getting $1 billion in belongings beneath administration by the top of subsequent 12 months. RockFi additionally plans to recruit 60 new personal bankers and spend money on new applied sciences.
“We need to breathe new life into personal wealth administration, the careers of those that handle it, and the wealth of their purchasers,” Pierre Marin, co-founder and CEO of RockFi, mentioned within the firm’s announcement.
“This financing permits us to scale as much as serve our purchasers even higher, in France and — finally — in Europe, with the ambition of rapidly establishing ourselves among the many leaders in next-generation wealth administration.”
In keeping with the announcement, RockFi’s platform presents purchasers complete, real-time asset reporting and detailed analyses. Earlier this month, the corporate launched a devoted shopper software to permit for a “360° view of their monetary belongings,” reminiscent of valuation, allocation, motion monitoring and efficiency monitoring.
Launched in 2023, RockFi says it has signed up 500 purchasers and logged a 25% month-to-month progress fee. The corporate has 50 workers, together with 25 personal bankers based mostly in six places of work all through France.
RockFi’s financing comes at a time when FinTechs are struggling to get funded. Latest information from S&P World Market Intelligence confirmed that the sector attracted $21.5 billion in enterprise capital (VC) funding in 2024, the bottom stage of funding since 2016.
Driving this decline had been elements reminiscent of a drop in FinTech valuation and slowing progress charges, main many VC traders to show their focus to corporations within the generative AI area.
“With AI ‘revolutionizing’ a number of industries, enterprise capital is flowing the place the following massive breakthrough is predicted,” John Clark, accomplice with FinTech-centric funding financial institution Royal Park Companions, mentioned within the report.
The 30 FinTechs on the middle of final 12 months’s largest funding rounds additionally noticed their headcounts gradual in late 2022 and early 2023, the report mentioned. When progress picked up in the course of 2023, the median year-over-year progress fee continued to fall, declining from 82% in December 2021 to 10% three years later.
In the meantime, Will Artingstall, head of digital asset funds and eCommerce companies at Citi Companies, advised PYMNTS in an interview final month in regards to the obstacles dealing with FinTechs.
“It’s not simply the outdated nature of FinTechs competing with FinTechs,” he mentioned. “What you’re typically now beginning to see is neobanks getting into the house. You’re seeing banks themselves providing extra digital companies.”
