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June 29, 2021

Harness Wealth raises $15m to grow captive business line

By Verdict Staff

New York-based financial service firm Harness Wealth has raised $15m in a Series A funding led by Jackson Square Ventures, bringing its total funding to $19m.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Founded in 2018 by former Compass CFO and COO David Snider and former Nutmeg CMO Katie Prentke, the firm provides financial, tax, and trust and estate advice.

It also offers equity-focused personal finance tools to employees, founders, and investors at major tech companies.

The latest funding will partially support the firm’s efforts to develop its captive business line called Harness Tax, Tech Crunch reported.

Harness Wealth is developing its new offering in response to its clients’ requirement for tax planning amid remote work and increasing popularity of IPOs, SPACs, and cryptocurrencies.

Snider told the publication: “Our goal is only to help people where we can add value, and we saw an opportunity to lean in on tax side.”

According to him, the firm has ‘a very large population of people who may not understand their tax liabilities’ because of the crypto boom in particular.

“We want to make sure we’re front and centre,” he added.

Harness Wealth’s new and existing investors include Bain Capital, Torch Capital, Activant, GingerBread Capital, FJ Labs, i2BF Ventures, First Minute Capital, Liquid2 Ventures, and Alleycorp.

Marc Benioff, Compass founder Ori Allon, and Bain Capital Private Equity co-head Paul Edgerley are also investors in the firm.

Last week, Indian investment technology platform WealthDesk raked in $3.2m in its pre-series A funding round to accelerate growth.

The same week, wealth management platform d1g1t raked in nearly $13m in a new funding round to further fortify its foothold in the US wealth management market.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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