Family Office Networks (FON), a community of family offices, has announced Series A capital raise to meet the surging demand from its fintech platform developed for family offices.
The new capital will be used by the company to accelerate its expansion in fintech, media as well as other segments of its eco-structure.
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Family Office Networks founder and CEO Andrew Schneider said that the number of family offices quintupled in the last five years to include over 20,000 single and multi- family offices while the AUM have grown to an estimated $14trn in wealth management industry.
Schneider said: “We’re privileged to have a global network of 12,000 family offices, plus trusted advisors who serve them, and we understand the investment preferences and lifestyle requirements of this hard to connect with investor segment. Therein lies a very significant opportunity.”
According to FON data, venture capital firms and family offices-backed fintech companies raised almost $38.5bn last year and are set to exceed that record this year.
Schneider added: “We’re well-positioned as one of the only fintech companies serving the family office sector and the outlook for our growth trajectory is incredible.”
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By GlobalDataLast month, FON entered into a strategic partnership with fintech firm tZERO to create liquidity for its network.
This collaboration aims to provide FON network with access to a technology solution that provides an opportunity for secondary liquidity on the tZERO alternative trading system (ATS).
The FON Marketplace, which offers the family offices with access to private deals, will display tZERO and its broker-dealer affiliates as an option to enable secondary liquidity for private companies and assets.
In 2018, Canadian wealth manager Canaccord Genuity Group made a strategic investment in FON.
