WealthArc Raises USD 300'00001.06.2015 14:25
The USD 300,000 seed funding from U.S.-based venture capital firm Novit LP will be used to continue research and development on artificial intelligence for portfolio management as well as cyber-security for cloud based financial services.
WealthArc, Inc. is an early stage FinTech startup offering a cloud based platform for financial data analysis and client interaction for wealth managers. The founders of WealthArc have been involved in the development of asset management systems in hedge funds and top-tier investment banks, including UBS and JP Morgan, in London and Zurich. Using this experience, they came up with the original idea to spin out their own business.
With offices in Zurich and Warsaw, as well as the Washington, D.C. metro area in the United States, WealthArc will be bringing their platform to market in Switzerland, the United Kingdom and the United States later this year.
«At WealthArc, we believe that the role of technology is not just to produce reports and make investor’s work easier but to allow them to focus on the areas which are most important – client relationship,» said Krzysztof Gogol, President of WealthArc, Inc. «With our solution, each wealth manager can become a trusted advisor.»
According to the Boston Consulting Group’s June 2014 ‘Riding a Wave of Growth’ study conducted in the U.S. and Switzerland, about 75 percent of wealth management clients want interactive multichannel offerings, yet only 25 percent of wealth managers provide customized advice online. While the traditional wealth manager – client relationship will continue to emphasize face-to-face contact and the sense of trust that such contact engenders, digital communication will radically redefine and enhance the relationship, effectively changing the dynamics of competitive advantage. WealthArc has the technology in place to allow wealth managers to maintain this edge in the marketplace.
WealthArc is a member of Microsoft BizSpark – a special program supporting highly innovative start-ups. Machine learning algorithms help leverage vast amounts of financial data, monitor investment guidelines and consequently make informed decisions. WealthArc provides wealth managers with access to unprecedented computing power and storage, permitting complex big data processing, thanks in part to Microsoft Azure Cloud.