WealthTech company Farther has received $15m investment in a Series A funding round, increasing its valuation to $50m.

The latest round was led by Bessemer Venture Partners and saw the participation of a number of new investors including Khosla Ventures and MassMutual Ventures. Existing backers Moneta Venture Capital, Context Ventures, and Cota Capital also joined.

Farther has raised a total of $22m since its establishment in 2019, including the latest round.

The wealthtech plans to use the fresh infusion to support its expansion as well as fuel wealth management innovation.

Farther co-founders Taylor Matthews and Brad Genser said: “As we move forward in our mission to revolutionise the traditional wealth management industry and deliver an unparalleled experience for every client, their support is invaluable.

“The Covid-19 pandemic created a seismic shift in the way that people manage their finances. Legacy institutions suffer from bolted-together technology, fundamentally flawed incentive structures, and costly overhead that too often gets passed on to clients.

“At Farther, every client receives an elite, personalised experience — with advanced technology and expert financial advice.”

In the first six months of this year, Farther grew its assets under management by around four times to more than $250m. The company also expanded its team to more than 50 employees in the same period.

Farther leverages expert advisors’ knowledge and technology to provide customers with end-to-end, personalised experience.

In December last year, Farther was selected by Zoe Financial to offer strategic solutions to customers so that they can manage their wealth related matters.