Facet Wealth, a subscription-based financial adviser, has raised $100m in Series C funding round.
The round was led by Durable Capital Partners LP with participation from the existing investor Warburg Pincus, TeleSoft Partners, and Green Cow Venture Capital.
Founded in 2016, Facet Wealth provides personalised financial planning and advice online for a subscription fee.
The fintech firm claims to have grown ten times since 2020 and plans to use the proceeds to fuel further growth.
It will also invest in technology, product suite and client experience.
Durable CIO Henry Ellenbogen said: “It stands at the forefront of an era in which people will benefit from the use of new technology that results in personalised financial plans suited for their specific needs and aspirations. With a strong team, we believe Facet is well-positioned for sustainable, long-term success.”
Facet CEO and co-founder Anders Jones said: “To the vast majority of consumers, our industry is an inaccessible sea of sameness that traditionally only serves the wealthy. Facet is creating a new era of consumer-centric financial advice, in which generations of people live happier and fuller lives.
“Today’s financial advice is poorly designed, and the incentive model many firms use is completely misaligned with people’s needs. We have created a new standard for what financial planning should be and are determined to take the entire industry with us.”
Facet has raised approximately $165m since its inception in 2016. It currently has over 10,000 clients and employs more than 300 people in 42 US states.