Range, an artificial intelligence (AI) based WealthTech platform, has garnered $28m in a Series B financing round to expedite its growth trajectory.

The investment was led by Cathay Innovation and supported by Gradient Ventures, among others, taking the company’s total capital raised to $40m.

Range’s latest infusion is set to fuel its growth through product development and expansion of its engineering teams.

The company’s aim is to further enhance the capabilities of its AI-powered platform.

Its Rai AI engine is designed to provide wealth management services faster and cost-effectively than traditional advisors, stated the company.

With the ability to offer advice up to 20 times faster and save members between 75% and 90% in fees, Range has attracted more than 1,000 high-net-worth individuals. These members now entrust the platform with advising on nearly $3bn in assets.

Range further stated that the timing of this investment coincides with a surge in demand for its wealth management solutions, which offer a seamless integration of investment services and financial planning.

The company was founded less than two years ago by Fahad Hassan and David Cusatis.

Range co-founder and CEO Fahad Hassan said: “The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation.

“Within 10 years, 95% of the population will rely on a trusted platform like Range. We’re not just building another fintech solution—we’re fundamentally democratising access to sophisticated wealth management for all Americans.”

Cathay Innovation partner Simon Wu said: “Fahad, David, and the entire Range team are bringing much-needed innovation to an outmoded industry with a service that’s affordable, convenient, and provides holistic insights and advice in hours versus months or quarters. We look forward to partnering with them to supercharge their success.”